UK GDP Growth Matches Initial Estimates in Q3
In the third quarter of 2013, UK’s annual GDP growth rate was confirmed at 1.5 percent, up from 1.3 percent in the previous quarter. Construction and services contributed to the growth rate, almost all industrial sectors contracted over a year earlier.
11/27/2013 10:30:05 AM
Construction contributed the most to the expansion and surged 4.1 percent year-on year, after growing 0.5 percent in the previous quarter.
Service industries output increased 1.9 percent, down from 2.1 percent in the previous quarter. Particularly, the index for distribution, hotels and restaurants increased by 3.6 percent (revised from 3.8 percent), down from 4.2 percent in the second quarter. Transport, storage and communications output rose 2.5 percent. Business services and finance output went up by 2.3 percent, while government and other services increased by 0.1 percent.
In contrast, agriculture continued to contract (-4.2 percent, from -3.3 percent in the previous quarter). Production output shrank again but at a slower pace than in the previous quarter (down by 0.2 percent, from -0.7 percent in the second quarter), mainly due to the sharp drop in electricity, gas, steam, air conditioning supply (-3.4 percent). Extraction was down by 2.9 percent. Water supply and sewage increased 4.9 percent, while manufacturing production was up by 0.1 percent, year-on-year.