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UK Economy Grew By 0.6% In Quarter 3, 2018

Unic Press UK: A report the GDP Quarterly Estimate issued Friday by the Office of National Statistics illustrates that the economy recorded a GDP growth of 0.6% in Quarter 3, which is the three months to the end of September 2018. This is an increase when compared to GDP increase by 0.4% in Quarter 2 (Apr to June).

Main points – Quarter 3, 2018

  • UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.6% between Quarter 2 (Apr to June) 2018 and Quarter 3 (July to Sept) 2018.
  • All four sectors of output contributed positively to growth in Quarter 3 2018, with the largest contribution from the services industries at 0.3 percentage points.
  • Household spending grew by 0.5% while business investment fell by 1.2% between Quarter 2 and Quarter 3 2018.
  • Net trade contributed 0.8 percentage points to GDP growth in Quarter 3 2018, with a 2.7% rise in exports and flat growth in imports.
  • Nominal GDP increased by 1.1%, driven by growth in compensation of employees of 1.3% in Quarter 3 2018.
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