UK GDP growth expected to be revised down Experts warned the underlying picture will remain the same, regardless of any revision, with the economy still far below its peak in the first quarter of 2008. The third quarter had one more working day than the previous quarter, due to the Queen's Diamond Jubilee, which would have affected the estimate, the ONS said. Meanwhile, the London 2012 Olympics and Paralympic Games also impacted economic activity in the third quarter. Looking further ahead, growth is expected to fall back sharply between October and December amid a series of weak purchasing managers surveys for services, manufacturing and construction industries. Bank of England governor Sir Mervyn King recently warned output could even shrink in the fourth quarter. Howard Archer, chief UK and European economist at IHS Global Insight, said: "While the third-quarter GDP growth was encouraging and welcome news, the UK is by no means out of the economic woods and further relapses remain a very real possibility. Indeed, it is looking increasingly questionable whether the economy will grow in the fourth quarter.