The second revision of the third quarter GDP figures showed a downward revision from 1% to 0.9% but upward revisions to earlier data. So growth is now flat on a year ago, compared with a drop of 0.1% in the earlier data. Two of the "double-dip" quarters, Q4 2011 and Q1 2012 have been revised higher though still show small negatives.
The detail in the numbers is quite interesting. They point to a household sector which, while still constrained by the high-inflation squeeze on earnings, has adjusted significantly. The saving ratio has risen from 7.4% to 7.7% and real household disposable income, after an odd looking 2.3% jump in the second quarter, rose by 0.4% in the third. There is much more here.
Also today, the current account deficit narrowed to £12.8 billion in the third quarter from a downward-revised £17.4 billion in the second. It remains on course for a 2012 deficit of more than £50 billion, however. Details here.
Finally, the public finances were a touch disappointing, with public sector net borrowing of £17.4 billion in November and underlying borrowing running about 10% above 2011-12 levels. This is the Office for Budget Responsibility's take on the figures. It points out that two one-off factors, the 4G spectrum sale and the transfer of £11.5 billion of gilt coupons from the Bank of England to the Treasury will benefit the figures. But it is also relying on stronger VAT and self-assessment receipts.