UK economy grows 0.8% in third quarter

clock

UK GDP growth was 0.8% in the third quarter of the year, according to the first estimate from the Office for National Statistics (ONS).

Output increased in all four main industrial groupings within the economy in Q3 2013 compared with the previous quarter.

Output increased by 1.4% in agriculture, 0.5% in production, 2.5% in construction, and 0.7% in services. Output from services is now slightly above its previous peak in Q1 2008, prior to the economic downturn.

In Q3 2013 GDP was estimated to be 2.5% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%, the ONS said.

The 0.8% growth figure was in line with economists' expectations. Howard Archer of IHS Global Insight said the data was "very encouraging", showing positive contributions from all output sectors.

"While the dominant services sector remains very much key to the economy's performance, it is important that manufacturing and construction achieve healthy expansion as well if sustainable robust growth is to occur," he said.

"It needs to be remembered that the improved growth is coming from a low base as GDP in the third quarter was still 2.5 % below the peak level seen in the first quarter of 2011."

More on Regulation

PDG responds to FCA Market Study update

PDG responds to FCA Market Study update

Expanded terms of reference

Cameron Roberts
clock 31 March 2025 • 2 min read
Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Regulator tells delegates at COVER Summit North conference

Jaskeet Briah
clock 27 March 2025 • 3 min read
Building on the Friendly Society legacy

Building on the Friendly Society legacy

Response to Law Commission consultation

Andy Morris
clock 27 March 2025 • 4 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read