InvestmentsOct 24 2014

UK growth 3% higher than third quarter a year ago

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by

The UK’s economy increased by 0.7 per cent in the third quarter which was less than the 0.9 per cent growth in the previous quarter but stronger than the year previous.

Data released by the Office for National Statistics (ONS) said output increased in all four main industrial groupings within the economy during the period.

There was an increase in output of 0.7 per cent in services, 0.5 per cent in production, 0.8 per cent in construction and 0.3 per cent in agriculture.

This meant GDP was 3 per cent higher than in the third quarter of 2013.

The ONS added in the third quarter, GDP was estimated to have been 3.4 per cent higher than the pre-economic downturn peak of Q1 2008. From the peak in Q1 2008 to the trough in Q2 2009, the economy shrank by 6 per cent.