Output hopes rise

THE UK's crawl out of recession in the final three months of last year will be under the spotlight on Friday when statisticians give the latest growth estimate.

The 0.1 per cent advance for the economy suggested by the first estimate a month ago ended six straight quarters of contraction, but was greeted with dismay by the City and politicians. Commentators believe the original Office for National Statistics (ONS) estimate could be revised higher as data from industry surveys pointed to stronger growth.

Investec analyst David Page said he expects output to be lifted to 0.2 per cent, following stronger industrial production figures for December.

Analysts will be hoping for an upward revision to output from the UK's powerhouse services sector, which accounts for more than two-thirds of the economy.

"Our suspicion is that services are expanding quicker than the officially recorded 0.1 per cent, although in the recent past the ONS has tended not to push up its estimates of service sector activity," Page added.