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November 09, 2018UK GDP Q3 2018 (FIRST ESTIMATE) The Office for National Statistics' first estimate of UK Gross Domestic Product for Q3 2018 reports an acceleration to a seasonally adjusted annualized rate of 2.5 per cent, compared to growth of 1.6 per cent in the second quarter.
The services and construction sectors drove quarterly growth in Q3. Production grew by 0.8 per cent quarter over quarter, the highest since Quarter 3 2017. Construction also saw notable gains, with the highest growth since Q1 2017.
Household spending and general government spending both had positive contributions in Q3, while gross capital formation, business investment, and non profit institutions serving households saw declines.
The Office for National Statistics notes that the UK economy has had strong growth this summer, although September showed signs of weakness with monthly declining retail sales. Declining imports of cars helped improve Britain's trade balance.
Office for National Statistics
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