UK GDP Growth Confirmed at 0.8% in Q3
In Q3, United Kingdom GDP growth accelerated to 0.8 percent quarter-on-quarter, up from 0.7 percent in the previous three-month period and matching the initial estimate. While production in manufacturing, construction and services boosted the expansion, electricity and agriculture shrank.
11/27/2013 10:16:45 AM
In the third quarter of 2013, service industries grew by 0.7 percent, mainly due to the 1.1 percent growth in both distribution, hotels and restaurants (revised from 1.3 percent) and 1.1 percent in business services (revised from 1 percent). Government and other services (+0.4 percent) also contributed to growth, while output of transport, storage and financial services remained unchanged when compared to the previous quarter.
Construction output increased 1.7 percent (revised from 2.5 percent), down from 1.9 percent in the second quarter of 2013.
Production output increased by 0.6 percent, revised up from the previously estimated 0.5 percent. Water supply and sewage increased 3.5 percent, extraction went up 1.6 percent, while manufacturing output rose 0.9 percent. In contrast, electricity, gas, stream and air conditioning supply was down 5.7 percent.
Output of agriculture, forestry and fishing industries had a downward effect on the GDP growth (-1.4 percent, down from 2 percent increase in the previous quarter).