UK Q3 GDP Growth Revised Up to 1.9% YoY

In the third quarter of 2013, UK’s GDP growth was revised to a final reading of 1.9 percent year-on-on-year, up from an earlier estimate of 1.5 percent. Later data for expenditure, in particular household final consumption expenditure, has led to upward revisions for GDP since Q1 2012. Quarter-on-quarter, GDP growth was confirmed at 0.8 percent.

Household final consumption expenditure has been rising each quarter since Q1 2012. In the third quarter, it was 2.5 percent higher, slightly up from previous estimate of 2.4 percent. Non-profit institutions serving households final consumption expenditure rose by 5.9 percent, revised up from the previously estimated -1.8 percent drop.  

Government consumption was also revised upwards to 1.4 percent (up from 1.1 percent) and the drop in gross fixed capital formation slowed to - 0.7 percent (previous estimate of -1.6 percent). 

In contrast, exports were revised downwards from -1.1 percent to a sharper drop of -1.8 percent. 

UK Q3 GDP Growth Revised Up to 1.9% YoY

ONS | Joana Taborda |
12/20/2013 10:52:20 AM