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Financial News: Amended: UK Q3 GDP Growth Tops Expectations

Amended: UK Q3 GDP Growth Tops Expectations

10/25/2017 - 07:14:00 (RTTNews)

(RTTNews) - Note: Corrects second paragraph. The growth was not unchanged, but improved from the previous three months

The UK economy expanded more than expected in the third quarter, figures from the Office for National Statistics revealed Wednesday.

Gross domestic product grew 0.4 percent sequentially in three months ended September, slightly faster than the 0.3 percent growth seen in the second quarter.

GDP was forecast to rise 0.3 percent in the third quarter.

The production-side breakdown of GDP showed that services remained the largest contributor to GDP growth. The service sector grew 0.4 percent.

After a weak second quarter, manufacturing climbed 1 percent. Overall production also grew 1 percent. Meanwhile, construction contracted for the second quarter in a row. It fell 0.7 percent.

On a yearly basis, the economy expanded 1.5 percent, in line with expectations.

Another report from ONS showed that the index of services climbed 0.2 percent in August from July. In three months to August, services output rose 0.4 percent from previous quarter.

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