Economic growth confirmed at 1%

The UK economy, as measured by gross domestic product (GDP) did grow at 1% in the third quarter, the second estimate from the Office for National Statistics confirmed.

However, there were some revisions downwards. Manufacturing output only rose by 0.9% - not the 1.0% as reported in the preliminary estimates. And production output (manufacturing, mining and utilities) was only 0.9% higher — against the 1.1% reported earlier.

There was more bad news for the construction sector as output is now said to be 2.6% lower, against the 2.5% contraction reported in the preliminary estimates.

GDP contracted by 0.1% on the same quarter last year. Production was down by 1.4% and manufacturing posted a 0.9% fall.

www.ons.gov.uk/ons/dcp171778_280837.pdf