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UK Q3 GDP growth confirmed at 0.4%

Staff Writer | December 22, 2017
The UK economy grew as initially estimated in the third quarter, data from the Office for National Statistics showed.
UK factory
Britain   Gross domestic product expanded 0.4%
Gross domestic product expanded 0.4% sequentially in the third quarter, faster than the 0.3% growth seen in the first two quarters of 2017.

The statistical office confirmed the second estimate published on November 23.

On a yearly basis, GDP advanced 1.7% in the third quarter, up from the previous estimate of 1.5%.

Services remained the strongest contributor to growth in the output approach to GDP, which gained 0.4% quarterly.

Farm output rose 0.8% and production by 1.3%. Meanwhile, construction shrank 0.5%.

Another report from ONS revealed that services output rose 0.3% in three months to October from three months ending July. The index of services gained 0.2% in October from September.

The ONS said gross fixed capital formation rose 0.3% to GBP82.3 billion from GBP82.1 billion in the second quarter. Business investment climbed 0.5% to GBP45.9 billion.

In a separate communique, the ONS said the current account deficit narrowed to GBP22.8 billion from GBP25.8 billion in the second quarter. The decline was driven by the decrease in deficits on primary and secondary income and total trade.