UK Economy Continues To Grow
The economy expanded at its fastest pace in three years as provisional third quarter GDP figures showed growth of 0.8% for the three months to end of September.
The figures follow a raft of upbeat surveys – such as house prices and retail sales, suggesting the economy is moving forward with renewed impetus, the previous quarter saw 0.7% growth.
The Office for National Statistics said the service sector – which accounts for around three-quarters of the economy- rose 0.7%. Construction saw healthy growth of 2.5%, but is still some 12% below its pre-recession peak.
ONS chief economist Joe Grice says that third quarter GDP was depressed by a fall in oil and gas output. Without that fall, GDP would have grown by 1%, he said. The July heatwave hit oil and gas production which was down 6.8% during the quarter.