British economic growth confirmed at 0.8 percent for Q3

The British economy is estimated to increase by 0.8 percent in the third quarter of 2013 from the previous three months, according to official data issued by the Office for National Statistics (ONS) on Friday.The figure is in accordance with previous estimates published in November, and indicates that British economy had been growing at its fastest pace in three years.Year on year, the British economy expanded by 1.9 percent in the third quarter, up from a previous estimate of 1.5 percent.GDP in current prices was estimated to have risen 1.4 percent in the third quarter from the April-June period, down 0.3 percentage points from the previous estimate.Also on Friday, the ONS said the government's public sector net borrowing requirement, excluding taxpayers' money used to rescue banks, rose to 16.5 billion pounds (about 27.0 billion U.S. dollars) in November compared with 15.6 billion pounds a year earlier.November's deficit took underlying borrowing in the fiscal year to date to 84 billion pounds, about 2 percent down on the same period in 2012/13.tyres and wheels service & repair equipmentThe ONS figures showed that the economic recovery has been stronger than previously thought this year, said the macroeconomic research company Capital Economics. 

However, the figures also fueled concerns over how much longer the economy could manage to maintain its recent strong pace, it noted.Commenting on the public sector borrowing, the research company pointed out that if this trend is sustained in the rest of the fiscal year, then borrowing could overshoot theAntique bath fixturesOffice for Budget Responsibility's (OBR) December forecast of 111 billion pounds by a small margin of about 1 billion pounds."Since real incomes grew by just 0.4 percent on the previous quarter, we now know that households fuelled the 0.8 percent rise in spending partly by saving less. Lower saving can only support growth in household spending for so long," it said."Today's figures may fuel existing concerns that the UK's recovery is too dependent on unsustainable sources, including lower household saving and stock building... We remain hopeful, though, that the recovery will broaden out in 2014, with investment and possibly exports leading the way," it said.The British government has revised up its economic growth forecast as recoveryBMW ICOM strengthens.The OBR, the government's fiscal watchdog has more than doubled the forecast for GDP growth in 2013 to 1.4 percent from 0.6 percent, and further up to 2.2 percent from 1.8 percent in 2014.The revision is regarded as the biggest upgrade to official growth projections in more than a decade in Britain.