UK economy grows by 0.8 per cent

UK GDP grew by 0.8 per cent in the third quarter of 2013, according to the latest quarterly national accounts from the Office for National Statistics (ONS).

UK GDP grew by 0.8 per cent in the third quarter of 2013, according to the latest quarterly national accounts from the Office for National Statistics (ONS).

The key points from the latest release from the ONS are:

  • Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q3 2013 compared with Q2 2013.

  • Output increased in all four main industrial groupings within the economy in Q3 2013 compared with Q2 2013. Output increased by 1.4% in agriculture, 0.5% in production, 2.5% in construction, and 0.7% in services. Output from services is now slightly above its previous peak in Q1 2008, prior to the economic downturn.

  • In Q3 2013 GDP was estimated to be 2.5% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%.

  • GDP was 1.5% higher in Q3 2013 compared with the same quarter a year ago. Remember that the Olympics and Paralympics took place during Q3 2012, raising the level of GDP in this quarter.

  • The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these are typically small between the preliminary and third estimates of GDP. All figures in this release are seasonally adjusted.

3 Responses to “UK economy grows by 0.8 per cent”

  1. Selohesra

    Were there no key points? 🙂

  2. Kevin Leonard

    A surge in agricultural products is to be expected as the harvest is in the 3rd quarter so would expect it to fall back significantly during 4th Quarter as with construction which has been artificially inflated once again by the chancellor and his give away housing scheme. there will be a boost also as the money from the give away sale of the royal mail gets factored in. I expect the “Autumn statement” in December to be yet another load of old bullshit rhetoric from Gideon as he attempts to big up his economic prowess. The Electorate however are less fickle than 5 years or even 3 years ago will hopefully see through this bullshit and banish this pack of Fraudulent traitors come 2015.

  3. Selohesra

    now added!

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