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UK economy grows, but still a domestic-led recovery

27 Nov 2014

Statistics released yesterday by the Office for National Statistics (ONS) showed that the UK economy grew in the third quarter by 0.7%, meaning that growth has been 3.0% for the year to date

The good news is that the figures were driven by a continuing rise in private consumption (the thirteenth consecutive quarterly increase), and also by government investment. Wages also grew by 1.2% in Q3, following the 1.5% rise in Q2

The not-so-good news is that exports and business investment both fell back (related article), probably due to uncertainty over the global economic outlook. However, business investment is still 6.3% higher than a year ago

Click here for the full ONS release


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