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UK economy forecast to lead G7 economies

27 Oct 2014

Preliminary released on Friday by the Office for National Statisitics (ONS) showed that UK gross domestic product (GDP) grew by around 0.7% in the third quarter, and is 3% larger compared to the same quarter a year ago

Change in GDP is the main indicator of economic growth

The growth was broadly based, and increased in all four industrial groupings of services (0.7%), production (0.5%), construction (0.8%) and agriculture (0.3%)

GDP is now estimated to be 3.4% higher than the previous peak before the economic downturn in Q1 2008. However, the economy shrank 6% from Q1 2008 to Q2 2009

The release also mentioned the sluggish economic growth in the Eurozone, something the UK's Monetary Policy Committee has its eye on when considering the timing of the next interest-rate rise (see here)

For the full release see here

 

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