Preliminary estimate shows the UK economy growing at a slower pace in Q3

Oct. 27, 2015 (Allthingsforex.com) – The UK Office for National Statistics reported today that, according to its preliminary estimate, the UK economy grew less than expected in the third quarter compared with the pace of economic expansion in Q2 2015.

  • Change in gross domestic product (GDP) is the main indicator of economic growth. GDP is estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2015 compared with growth of 0.7% in Quarter 2 (Apr to June) 2015.
  • Output increased in 3 of the main industrial groupings within the economy in Quarter 3 (July to Sept) 2015. Services increased by 0.7%, production increased by 0.3% and agriculture increased by 0.5%. In contrast, construction growth decreased by 2.2%.
  • Within production, manufacturing fell by 0.3% but this fall was offset by a 2.4% increase in Mining and Quarrying and a 1.2% increase in water and waste management.
  • GDP was 2.3% higher in Quarter 3 (July to Sept) 2015 compared with the same quarter a year ago.
  • In Quarter 3 (July to Sept) 2015, GDP was estimated to have been 6.4% higher than the pre-economic downturn peak of Quarter 1 (Jan to Mar) 2008. From the peak in Quarter 1 (Jan to Mar) 2008 to the trough in Quarter 2 (Apr to June) 2009, the economy shrank by 6.1%.
  • 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 of GDP.
  • All figures in this release are seasonally adjusted.

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