-NIESR Estimates UK GDP growth of 0.8% in Q3 Vs Q2 -0.4%
LONDON (MNI) – The UK economy has pulled out of recession, seeing
punchy growth of 0.8% in Q3, according to the latest estimates from the
National Institute of Economic and Social Research.
Gross domestic product rose 0.8% in July through September on the
previous three months, having risen 0.1% in the three months through to
the end of August, according to NIESR’s estimates, and more than
offsetting the 0.4% fall in Q2.
Q3 growth has benefited from a number of one-off effects and NIESR
said that the underlying rate of growth is weaker than these figures
suggest. Stripping out the reversal of the negative effect from the
additional bank holiday in June and the allocation of Olympics ticket
sales, NIESR say the data suggest underlying growth is closer to
0.2-0.3% per quarter.
The 0.8% rise in output is close to the Bank of England’s implied
Q3 forecast in its August Inflation Report, which economist put at 0.9%
on the quarter.
The official first estimate of Q3 GDP will be released on Thursday
October 25 at 0830GMT.
-London bureau: +4420 7862 7499; email: wwilkes@marketnews.com
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