UK EconomyThe 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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    • Cintia Smith

      The UK economy grows and will continue to grow and interesting fact is that it is getting better speed compared to Germany and France. UK had good monetary policy and really great budget.

    • Emil Skodrev

      UK is directed to balance the state budget by 2018 and to equal the spendings and incomes.

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