UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.6% between Quarter 2 (Apr to June) 2018 and Quarter 3 (July to Sept) 2018.
In comparison with the same quarter in the previous year, the UK economy has grown by 1.5%, continuing its relatively subdued performance over the last year.
All four sectors of output contributed positively to growth in Quarter 3 2018, with the largest contribution from the services industries at 0.3 percentage points.
In the construction industry, output continued to recover following a weak start to 2018, which was in part impacted by the adverse weather. Output increased by 2.1% in Quarter 3 2018 – the fastest increase since Quarter 1 (Jan to Mar) 2017.
Output in the production sector rose by 0.8% in Quarter 3 2018, following a decline of 0.8% in Quarter 2 (Apr to June). While output increased across all four main production sectors, around half of total production growth in Quarter 3 was driven by manufacturing. Following two consecutive quarters of decline in the first half of 2018, manufacturing recovered in Quarter 3 to rise by 0.6%.
In the services industries, output growth eased to 0.4% in Quarter 3 2018, contributing 0.3 percentage points to growth in GDP. This is in line with average rates seen since the start of 2017, following the relatively strong growth of 0.6% in Quarter 2 2018.
Household spending grew by 0.5% while business investment fell by 1.2% between Quarter 2 and Quarter 3 2018.
Net trade contributed 0.8 percentage points to GDP growth in Quarter 3 2018, with a 2.7% rise in exports and flat growth in imports.
Nominal GDP increased by 1.1%, driven by growth in compensation of employees of 1.3% in Quarter 3 2018.
Eurozone Q3 2018 GDP up by 0.2% and European Union Q3 2018 GDP up by 0.3%, both lowest since 2013; Italy grew 0%; Eurozone economic sentiment falls for the 10th consecutive month
U.S. Q3 2018 GDP estimated at 3.5% as consumer spending boosts growth but business spending stalls
UK Q2 2018 GDP increased by 0.4% (growing faster than the Eurozone) as widening trade deficit drags growth
The UK economy a decade on from the 2008 recession
The Bank of England Balance sheet has been expanding rather quickly recently
The UK’s net worth is now estimated at £10.2 trillion, an average of £155000 per person
UK households have seen their outgoings surpass their income for the first time in nearly 30 years
Here’s how UK tax collections for different taxes have grown since the year 2000
UK households’ saving ratio falls to the lowest ever on record as mortgage and consumer credit outstanding hits the highest ever