UK Third Quarter GDP Revised Down to 0.7%


UK gross domestic product (GDP) in volume terms rose by 0.7 per cent compared with the previous quarter, revised down from the 0.8 per cent rise published in November. GDP in volume terms fell by 4.9 per cent during 2009, revised up from the 5.0 per cent fall previously published.

The household saving ratio was 5.0 per cent in the latest quarter, compared with 3.5 per cent in the previous quarter. Real household disposable income rose by 1.1 per cent in the latest quarter, following a fall of 2.0 per cent in 2010 quarter two.

The output of the agriculture, forestry and fishing sector fell by 0.3 per cent in the third quarter of 2010. The output of the production industries increased by 0.5 per cent in the third quarter of 2010, revised down from the 0.6 per cent rise published last month. This compares with an increase of 1.1 per cent in the second quarter of 2010. For the year 2009, output of the production industries declined by 10.1 per cent.

Mining and quarrying output growth fell by 1.7 per cent in the latest quarter. This compares with a 0.4 per cent fall in 2010 quarter two.

Manufacturing output rose by 1.1 per cent in 2010 quarter three compared with a rise of 1.6 per cent in the previous quarter.

Electricity, gas and water supply output fell by 0.5 per cent this quarter, revised down from the 0.2 per cent fall published last month. This compares with a fall of 0.7 percent for 2010 quarter two, which has been revised up from the 1.3 per cent fall published last month.

Construction output is estimated to have risen by 3.9 per cent in 2010 quarter three. This compares with a rise of 7.0 per cent in the previous quarter, revised down from the 9.5 per cent rise previously published.

Services output rose by 0.5 per cent in 2010 quarter three, revised down from the 0.6 per cent published last month. This compares with a 0.6 per cent rise in 2010 quarter two.

Output of the distribution, hotels and catering industries rose by 0.8 per cent in 2010 quarter three, compared with a rise of 0.6 per cent in 2010 quarter two. The increase was driven by retail, motor trades and hotels and restaurants.

The transport, storage and communication industries rose by 2.0 per cent in 2010 quarter three compared with a fall of 1.6 per cent in the previous quarter. The growth was mainly driven by post and telecommunications, land transport and air transport.

The business services and finance sector exhibited flat growth in the latest quarter, compared with a rise of 0.9 per cent in 2010 quarter two.

Growth in government and other services output rose by 0.6 per cent in 2010 quarter three, compared with a rise of 0.7 per cent in the previous quarter. The increase in growth was driven by recreation and health and social work.


TradingEconomics.com, UK Office for National Statistics
12/22/2010 4:02:35 PM