United Kingdom GDP

United Kingdom

United Kingdom: Economic activity slows slightly in Q3

October 24, 2014

In Q3, GDP expanded a seasonally-adjusted 0.7% over the previous quarter, according to a preliminary estimate released by the Office for National Statistics (ONS) on 24 August. The print was in line with market expectations; however it came in below the revised 0.9% expansion observed in the previous quarter (previously reported: +0.8% quarter-on-quarter).

In the third quarter, agriculture expanded 0.3% over the previous quarter, which contrasted the 0.3% contraction tallied in the second quarter. In addition, growth in industry accelerated from 0.2% in the second quarter to 0.5% in the third quarter. The expansion in construction continued in Q3, growing 0.8% over the previous quarter, which was a touch up from the 0.7% increase tallied in Q2. However, services, grew 0.7% in Q3, which was below the 1.1% rise observed in the previous quarter and reached the slowest expansion since Q4 2013.

In annual terms, GDP grew 3.0% in the third quarter, which was slightly down from the 3.2% expansion tallied in the second quarter.

The Bank of England projects that the economy will grow 3.4% in 2014 and 3.0% in 2015. FocusEconomics Consensus Forecast panelists expect the economy to grow 3.0% in 2014, which is down 0.1 percentage points from the previous month’s estimate. The panel sees GDP expanding 2.6% in 2015, which is unchanged from last month’s estimate.

Author:, Senior Economist

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United Kingdom GDP Chart

United Kingdom GDP Q3 2014

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Office for National Statistics (ONS) and FocusEconomics Consensus Forecast.

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