UK GDP increases 0.8% in Q3 from Q2, 1.5% from a year ago, as services output rises to level slightly above its previous peak in Q1 2008, before the economic downturn: Office for National Statistics

Cindy Allen

Cindy Allen

Oct 25, 2013 – Office for National Statistics

LONDON , October 25, 2013 (press release) –

  • Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q3 2013 compared with Q2 2013.
  • Output increased in all four main industrial groupings within the economy in Q3 2013 compared with Q2 2013. 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%.
  • GDP was 1.5% higher in Q3 2013 compared with the same quarter a year ago. Remember that the Olympics and Paralympics took place during Q3 2012, raising the level of GDP in this quarter.
  • The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these are typically small between the preliminary and third estimates of GDP. All figures in this release are seasonally adjusted.

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