The UK economy did not grow as fast between July and September as had previously been thought.
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.
"We now expect the Bank of England to trim interest rates three times by the third quarter of 2008," he added.