Data from the Office for National Statistics (ONS) stated that output stood at £32.4bn in the third quarter of 2015. It was down 2% on the previous quarter, but 1% above its level for the same three months of 2014. On a four-quarter moving total basis, activity has been trending upwards at progressively weaker rates since the first half of 2013. The final estimate of GDP for the third quarter of 2015 revised down growth from an earlier estimate of 0.5% quarter-on-quarter to 0.4% in real terms. Annual growth was also cut from the previous reading of 2.3% to 2.1%. In addition, the latest release revised down growth in the second quarter from 0.7% on a quarterly basis to 0.5%, and from 2.4% to 2.3% on an annual basis.
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