The UK’s economic growth for the third quarter of 2011 was revised upwards slightly this morning, but analysts are still forecasting a double-dip recession.

The third revision of GDP figures by the Office For National Statistics (ONS) showed that the economy grew 0.6 per cent rather than the 0.5 per cent previously thought.

However, GDP growth in the second quarter was revised downwards from 0.1 per cent to zero growth, while Britain’s current account deficit soared to £15.2 billion from £7.4 billion in the second quarter, the highest total since records began in 1955.

Market reaction was muted, with analysts pointing out that these figures were out of date and that the situation had already moved on.

ING’s James Knightley pointed out, ‘This all relates to data that is more than three months old, and the outlook for growth is darkening.’

Vicky Redwood, chief economist at Capital Economics, claimed that the report had not only done ‘nothing to improve the near-term economic outlook’, but that it showed that ‘the economy has made less progress on the rebalancing front than previously thought’.

She said, ‘We already have plenty of evidence to suggest that the economy has stalled or even contracted a bit in the fourth quarter.

‘The outlook for 2012 still looks pretty bleak – we expect the economy to contract for most of the year, with GDP dropping by 0.5 per cent in the year as a whole.’

The upwards GDP revision was largely thanks to the construction sector, which saw 0.3 per cent growth rather than the 0.2 per cent contraction previously thought.

Services grew by 0.7 per cent, up from 0.6 per cent, while industrial production was revised down to 0.2 per cent from 0.4 per cent.