UK GDP: Economy sees fastest growth in three years
Friday 25 October 2013
The UK's economic output grew by 0.8 per cent between July and September, the fastest quarterly growth in three years, according to official GDP figures from the Office for National Statistics.
It was the third successive period of improving output and the best performance since the second quarter of 2010, the Office for National Statistics said.
The figures, which were in line with expectations, saw all sectors of the economy grow, including a 2.5 per cent surge in construction - a sector bolstered by Government initiatives such as Help to Buy.
The Chancellor George Osborne welcomed the figures, tweeting: "This shows that Britain's hard work is paying off & the country is on the path to prosperity."
And the Chief Secretary to the Treasury, Danny Alexander, noted the growth in the construction industry.
Overall GDP was 1.5 per cent ahead of the same period last year - a strong comparison with a time when the economy was boosted by the Olympics and Paralympics.
The year-to-year rise is higher than the 1.3 per cent improvement at the end of this year's second quarter.
But the economy remains 2.5 per cent off its pre-recession peak at the start of 2008.
During the third quarter, construction was boosted by new work on private housing and private commercial building as well as domestic home repair and maintenance.
Housebuilders have been buoyed by the Government's Help to Buy scheme, which recently launched a new phase offering mortgage guarantees.
However, construction remains 12.5 per cent off its pre-crisis peak.
Production grew by 0.5 per cent, though this remains 12.8 per cent off its 2008 level, while within this manufacturing improved 0.9% in the third quarter. It is 8.9 per cent off the level five years ago.
Meanwhile, the powerhouse services sector, which represents three-quarters of economic output, grew by 0.7 per cent and is now 0.6 per cent above its pre-crisis peak.
The largest contributions here came from business services and finance, followed by distribution, hotels and restaurants.
Additional reporting by PA
Sales of the tablet are set to fall again say analysts
World's most lethal spider found under a bunch of bananas
Rumours that the star wants to move on to pastures new
Comedian says he 'never laughed as hard as I have writing with Rik'
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
- 3 Star Wars memorabilia called a 'bit of plastic' on Antiques Roadshow by Fiona Bruce valued at £50,000
- 4 Meet Thea, Norway's 12-year-old child bride
- 5 Russell Brand might seem like a sexy revolutionary worth getting behind, but he will only fail his fans
Kobani: Fifteen-year-old boy taken captive with suspected jihadist 'shot in the head by militant group' fighting against Isis
Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
Isis fighters 'crucify' 17-year-old boy in Syria
Oscar Pistorius sentencing: Olympic star must serve 10 years, prosecutor urges
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
iJobs Money & Business
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...
£50000 - £55000 per annum + bonus + benefits: Ashdown Group: IT Relationship M...