Growth in economy confirmed

The UK economy did grow in the third quarter, latest official figures show.

The second estimate from the Office for National Statistics (ONS) confirmed growth at 0.8% in the July-September quarter on the previous quarter. It followed quarter-on quarter growth in Gross Domestic Product (GDP) of 0.7% in the second quarter of the year and 0.4% in the first.

GDP was 1.5% higher than the same quarter 2012.

In the third quarter, production output increased by 0.6%, revised up from the previously estimated 0.5% increase, and follows a 0.8% increase in the second quarter of 2013. There was no change to the ONS’ estimate of 0.9% growth in manufacturing between the second and third quarters. In the second quarter, manufacturing output also rose by 0.9%.

However, production contracted by 0.2% when compared with the same quarter 2012, while manufacturing barely grew, with just 0.1% growth.

www.ons.gov.uk/ons/rel/naa2/second-estimate-of-gdp/q3-2013/index.html