The British economy grew with 0.7% in July-September and according to the second official estimate of growth of the Office for National Statistics (ONS). Measured on an annual basis, the UK economy grew by 3% in the third quarter, keeping the same pace to the earlier assessment. The industry grew by 0.2% – unchanged from the previous quarter, as the extraction of oil and gas from the North Sea was the basis for the minimum extension. The industrial production slowed to 0.4% in the previous three months.
In the construction sector, the growth rate also remained unchanged at 0.8% compared with 0.7% in the previous three months. As for the expenditure side of GDP, household consumption was leading again, registering a growth of 0.8% between the two quarters. The expansion is the largest since 2010 and contributed 0.5 percentage points to overall growth.
In a separate report ONS said that business investment fell by 0.7% in the third quarter compared with the second quarter, but rose by 6.3% yoy. The business investment in the third quarter totaled 44.60 billion GBP or 332 million GBP less on a quarterly basis. The last time the indicator was dropped in the second quarter of 2013, when also fell by 0.7%.
The index data services were also published on Wednesday showed a better than expected result. Activity in the services sector grew by 0.5% between August and September, with expectations for growth of 0.4%.
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