UK GDP grows more than expected in third quarter
Gross domestic product rose 0.5% quarter-on-quarter in the three months to September, slowing from 0.7% in the quarter to June, the Office for National Statistics revealed.
However, the GDP report flew in the face of expectations for a bigger slowdown in growth following the UK's vote to leave the European Union on 23 June. Economists had pencilled in just 0.3% quarter-on-quarter growth.
Compared to a year ago, third quarter GDP increased 2.3% following a 2.1% year-on-year increase in the second quarter. Analysts had expected no change to the annualised figure.
The ONS said an expansion in the service industries was offset by a decrease in output in industrial groups including construction, agriculture and manufacturing. ■