Analaysts had forecast an upward revision in the figures to show a quarterly growth rate of 1% and annual growth of 1.9%.

BBC: Growth figures give rate hope

Should we be reassured that Britain is the only advanced economy to see a major downward revision in its forecast since the spring?

BBC: IMF expects less of the UK and a lot of the US and Europe

He forecast German economic growth at 1% in 2013, a downward revision from the 1.6% growth forecast the government had issued earlier.

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The ISI forecast is consistent with a previous downward revision by Barclays Capital, which now sees 5% PC unit growth this, down from 8%.

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At the time of writing, the company was preparing to give a press conference in which it would announce a revision to its annual profits forecast, and according to the Financial Times, companies listed on the Tokyo Stock Exchange are required to inform investors if they believe they will miss earnings targets by 30% or more.

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