UK GDP Growth Matches Estimates in Q3

The British economy expanded 3 percent year-on-year in the third quarter of 2014, unrevised from the preliminary estimate. Private consumption was the main contributor to growth while exports shrank for the second consecutive quarter.

Household final consumption has been rising each quarter since Q4 2011 and was 2.4 percent higher in Q3 2014 than in the same period a year ago.

Government final expenditure increased by 1.7 percent, up from a 1.2 percent rise in the previous three months and non-profit institutions serving households final consumption increased by 1.0 percent (0.7 percent in Q2). 

Gross fixed capital formation increased by 7.1 percent, following a 9.1 percent rise in the second quarter. Business investment slowed (6.3 percent from 11 percent in the previous period) but is still £2.6 billion higher than the pre-downturn peak in Q2 2008.

Exports shrank 1 percent and imports contracted 2.4 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 growth in the previous period.

UK GDP Growth Matches Estimates in Q3

ONS | Joana Taborda |
11/26/2014 11:55:41 AM