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UK economy grows 0.7%, ONS estimates

The UK economy grew by 0.7% during the third quarter of 2014, the Office for National Statistics (ONS) said today.

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ONS: 'Nothing much to worry about' on GDP

The director of the Office for National Statistics has said there is "nothing very much to worry about" after new figures estimated a 0.2% drop in GDP in the three months to September.

The ONS estimates the economy grew 0.7% in the third quarter, compared to 0.9% in the second quarter.

Chancellor George Osborne visiting a factory in Leeds. Credit: Nigel Roddis/PA Wire

Joe Grice told the BBC: "Having said that This is a little bit lower than 0.9% we saw last quarter, this is all within the margins of error."

"It is a bit lower, 0.2% lower than last time, but it's still pretty health growth. At an annualised rate that's 3% year. at this stage one would have thought in these figures, [there's] nothing very much to worry about.

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