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December 21, 2018UK GDP Q3 2018 (SECOND ESTIMATE) The Office for National Statistics' second 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 1.7 per cent in the second quarter. This was unchanged from the first estimate.
The services sector remained the strongest contributor to growth this quarter. Production grew by 0.6 per cent quarter over quarter, following two quarterly declines in 2018. Construction gains were revised upward this quarter, which continue to show the strongest growth since Q1 2017. Manufacturing output rose after falling in the first two quarters of the year.
Household spending, gross capital formation and net trade all had positive contributions to growth in Q3, while the contribution from government consumption was flat on the quarter. Business investment has declined for three consecutive quarters in the UK.
The Office for National Statistics notes that growth in the UK economy has picked up slightly from previous quarters, although growth remains relatively subdued compared to longer-term trends.
Office for National Statistics
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