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Financial News: UK Q3 GDP Growth Improves On Spending

UK Q3 GDP Growth Improves On Spending

11/23/2017 - 05:11:00 (RTTNews)

(RTTNews) - The UK economy expanded at a faster pace in the third quarter, largely driven by private consumption, second estimate from the Office for National Statistics showed Thursday.

Gross domestic product grew 0.4 percent sequentially, slightly faster than the 0.3 percent expansion posted in the second quarter. The rate matched the estimate released on October 25.

On a yearly basis, GDP growth held steady at 1.5 percent in the third quarter and in line with preliminary estimate.

The production-side breakdown of GDP showed that the service sector remained the strongest contributor to GDP growth, with output rising by unrevised 0.4 percent.

Overall production climbed by revised 1.1 percent, within which manufacturing also grew 1.1 percent. Farm output gained marginally by 0.2 percent. Meanwhile, construction contracted 0.9 percent.

On the expenditure side, household spending advanced 0.6 percent and government expenditure climbed 0.3 percent.

At the same time, gross fixed capital formation grew 0.2 percent sequentially. Total trade exports dropped 0.7 percent, while total imports increased 1.1 percent.

As a result, the trade balance contributed negative 0.5 percentage point to GDP growth.

Another report from ONS showed that business investment increased only 0.2 percent to GBP 45.8 billion from GBP 45.7 billion in the previous quarter.

In September, services output edged up 0.1 percent month-on-month, ONS said. Motion pictures made the largest contribution at industry level to the month-on-month increase.

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