The services sector accounted for the whole of the economy’s growth in this period. A 0.2 percentage point contribution to quarterly GDP growth from higher production sector output – the first positive contribution in the sector since the third quarter of 2010 – was offset by a negative contribution of 0.2 points from construction.
Growth of 1.0 per cent in the third quarter is the strongest since the third quarter of 2007. The strength in the quarter however can partly be attributed to the loss of a working day associated with the Diamond Jubilee bank holiday which subdued output in the second quarter, resulting in growth being calculated from a lower base. In addition, hosting the London 2012 Olympics and Paralympics may also have had an impact on growth, especially as ticket sales were accrued to the quarter when they were used rather than the period when they were purchased. It is estimated that ticket sales added 0.2 percentage points to GDP growth in the third quarter.
Real GDP in the third quarter of 2012 was unchanged from its level a year earlier, even with the benefit of the Olympic and Paralympic ticket sales.