UK's Gross domestic product was revised upward to 0.3 per cent for third quarter, compared with a previous assumption of 0.1 per cent growth, confirmed the Office for National Statistics in London today. The revision should come as a relief, if not a cause for celebration to the British Prime Minister Gordon Brown as he gears up for general election within weeks.

The upward revision in the GDP was mainly due to revised services output growth to 0.5 per cent, from previously estimated 0.1 per cent, industrial production growth was also revised upward to 0.4 per cent from earlier 0.1 per cent.

Meanwhile, the index of sentiment - consumer confidence, increased for a second consecutive month to -14 in February from -17 a month back. In addition to that, the Nationwide Building Society said UK house prices fell in February for the first time in 10 months.

Severe cold and higher taxes on transactions discouraged buyers, said Nationwide Building Society said. The average cost of a home dropped 1 per cent from the previous month to 161,320 pounds. Year-to-date prices are now
9.2 per cent higher than a year earlier.