Growth was weaker than previously thought in some sectors, such as services

The Office for National Statistics has revised its figure for third quarter gross domestic product down from 0.8% to 0.7%.

That brought the annual growth rate down from 3.3% to 3.2%.

The revision strengthens calls for a rate cut, although the growth rate is still relatively strong and inflation remains a concern, analysts say.

"Activity was still pretty resilient in the face of the developing credit crunch and, to a lesser extent, the flooding back in July," said Howard Archer from Global Insight.