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UK GDP growth confirmed at 0.8% as recovery takes hold

Nick Paler
Written By:
Nick Paler
Posted:
Updated:
20/12/2013

The UK economy grew by 0.8% in the third quarter, confirming previous estimates, the Office for National Statistics (ONS) has announced.

Delivering its third and final reading, the ONS said the third reading of GDP re-affirmed the 0.8% estimated last month.

However, the ONS has revised upwards its growth figures for previous quarters, meaning its estimated annual growth rate has now risen from 1.5% to 1.9%.

The UK’s growth figures have seen a number of revisions since 2012, as final consumption expenditure data pushed up previous readings.

The ONS said that, between 2011 and 2012, GDP in volume terms rose by 0.3%, an upwards revision of 0.2 percentage points from the previously published 0.1% increase.

GDP in current prices was estimated to have increased by 1.4% between Q2 2013 and Q3 2013, revised down 0.3 percentage points from the estimate published last month.

It added the peak-to-trough fall in GDP following the financial crisis and subsequent recession in 2009 was 7.2%.

While the UK’s figure is positive, the US economy has led the recovery in developed markets this year, growing by 2.8% in the third quarter. Analysts predict 1.9% growth in the last quarter of the year.