United Kingdom GDP

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United Kingdom: Economy slows in Q3

October 27, 2015

In Q3, GDP expanded a seasonally-adjusted 0.5% over the previous quarter, according to a preliminary estimate released by the Office for National Statistics (ONS) on 27 October. The print was down from the 0.7% increase recorded in the previous quarter.

In the third quarter, construction contracted 2.2% over the previous quarter, which contrasted the 1.4% expansion seen in the second quarter and marked the steepest decrease since Q3 2012. In addition, growth in industry decelerated from a 0.7% increase in the second quarter to a 0.3% expansion in the third quarter. The agricultural sector expanded 0.5% in Q3 (Q2: +0.4% quarter-on-quarter) and services improved from a 0.6% rise in Q2 to a 0.7% increase in Q3.

Moreover, in annual terms, GDP growth decelerated from 2.4% in the second quarter to 2.3% in the third quarter, which marked the slowest increase in two years.

In its latest inflation report from August, the Bank of England projects that the economy will grow 2.7% in 2015 and 2.6% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 2.5% in 2015, which is down 0.1 percentage points from the previous month’s estimate. The panel sees GDP expanding 2.4% in 2016, which is unchanged from last month’s forecast.

Author:, Senior Economist

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United Kingdom GDP Chart

United Kingdom GDP Q3 2015

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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