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LONDON, Dec. 23 (Xinhua) -- The British government has revised down its year-on-year economic growth estimate from 3.0 percent to 2.6 percent in the third quarter of 2014 grossiste air max 90 livraison gratuite , while remained its quarterly growth at 0.7 percent, data showed by the Office for National Statistics (ONS) Tuesday.

Economists here in London reckon that the revision of national accounts reflect the fragility of British economic recovery.

FINAL READING

It was the third estimate and the final reading of the gross domestic product (GDP) of the third quarter of 2014. The ONS will release its first estimate on GDP of the fourth quarter next month.

Total production output increased by 1.2 percent year on year in the third quarter, with manufacturing and electric, gas, steam and air contributed positively to this growth, increasing by 2.5 percent and 1.2 percent respectively. While mining and quarrying, and water supply and sewerage contracted by 2.9 percent and 3.1 percent respectively grossiste air max 90 soldes , figures showed.

GDP in current prices, or economic growth in nominal term, was estimated to have increased by 1.3 percent between the second quarter and third quarter of 2014, data showed.

Meanwhile, the economy now is 2.9 percent higher than the previous pre-recession peak, rather than the 3.4 percent up on that peak the ONS estimated last month.

The household saving ratio was estimated to be 7.0 percent in the third quarter of 2014, said the ONS.

RECOVERY SLOWS

Samuel Tombs grossiste air max 90 femme , Senior UK Economist at Capital Economics, said in a note that: "The latest set of national accounts leave the economic recovery looking more fragile than it appeared before."

But he also highlights the optimistic factors that supporting the economic outlook such as the oil price drop, mild inflation pressure, households' real income pick up and corporate willingness on investment, etc.

The London-based economic forecaster remains its estimation that British GDP is on track to increase by a solid 3 percent next year.

Martin Beck, senior economic adviser to the EY ITEM Club, comments:" Looking ahead to 2015 the UK economy may experience some softening in growth grossiste air max 90 homme , reflecting households' reluctance to further run down saving ratios and the effect of political uncertainty on firms' appetite to invest."

The likelihood that disinflationary pressures will keep interest rates unchanged through 2015 should provide another spur to growth, he estimates.

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