Economy continues growth in third quarter

Output increased in all four main industrial groupings in the UK economy in the third quarter, according to figures from the Office for National Statistics released today (24 October).

In order of the size of their contribution to the economy, output increased by 0.7% in services, 0.5% in production, 0.8% in construction and 0.3% in agriculture.

Overall, GDP was 3% above the third quarter last year.

This means GDP in the third quarter this year is estimated to have been 3.4% above the pre-economic downturn peak of the first quarter of 2008. From the peak to the trough in the second quarter of 2009 the economy shrank by 6%.

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 revisions are typically small between the preliminary and third estimates.