UK Q3 Annual GDP Growth Weakest Since Early 2013

The British economy advanced 1.5 percent year-on-year in the third quarter of 2017, the same pace as in the previous period and better than market expectations of 1.4 percent, the preliminary estimate showed. Still, it was the weakest pace of expansion since Q1 2013, as output growth slowed for services and construction, while industrial production increased at faster pace.

Services advanced 1.5 percent, following an increase of 1.8 percent in the previous period. Within the services aggregate output expanded for: Distribution, hotels and restaurants (2.3 percent from 3.1 percent in Q2); transport, storage and communications (1.2 percent from 3.4 percent in Q2); business services and finance (1.6 percent from 1.3 percent in Q2); and government and other services (0.8 percent from 1.1 percent in Q2).

Construction output was estimated to have increased by 2.8 percent, following a gain of 4.1 percent during the previous period.

Total production grew 1.6 percent after increasing 0.2 percent in Q2. Within the production aggregate output rose for: Manufacturing (2.7 percent from 0.9 percent in Q2); and water supply, sewerage, waste management and remediation activities (2.3 percent from 2.4 percent). Meanwhile, mining and quarrying contracted 4.1 percent (-0.9 percent in Q2) and electricity, gas, steam and air conditioning supply shrank 0.7 percent (-4.8 percent in Q2).

UK Q3 Annual GDP Growth Weakest Since Early 2013

ONS | Joana Ferreira |
10/25/2017 9:11:30 AM