UK Economy Advances 3% YoY in Q3

British GDP expanded 3 percent year-on-year in the third quarter of 2014 compared with a 3.2 percent increase in the previous three months. Yet, preliminary estimates showed the GDP is estimated to have been 3.4 percent higher than the pre-economic downturn peak of the first quarter of 2008.

Year-on-year, agriculture output increased by 0.9 percent. 

Industrial production increased by 2.2 percent driven by a 6.1 percent surge in electricity, gas, steam and air production. Mining contracted 1.8 percent, manufacturing advanced 3.4 percent and construction output increased by 3.0 percent. 

The services sector advanced 3.3 percent, driven by a 4.3 percent increase in business and financial activities and a 3.8 percent rise in distribution, hotels and restaurants. Transport, storage and communication output increased by 3.7 percent and government and other services output rose 1.3 percent. 

On a quarter-on-quarter seasonally adjusted basis, the economy expanded 0.7 percent in the three months to September, slowing from a 0.9 percent increase in the previous period. 

UK Economy Advances 3% YoY in Q3

ONS | Joana Taborda |
10/24/2014 10:03:47 AM