UK economy grows 0.8% in third quarter

UK GDP growth was 0.8% in the third quarter of the year, according to the first estimate from the Office for National Statistics (ONS).

Output increased in all four main industrial groupings within the economy in Q3 2013 compared with the previous quarter. Output increased by 1.4% in agriculture, 0.5% in production, 2.5% in construction, and 0.7% in services. Output from services is now slightly above its previous peak in Q1 2008, prior to the economic downturn. In Q3 2013 GDP was estimated to be 2.5% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%, the ONS said. The 0.8% growth figure was in line with economists' expectations. Howard Archer of IHS Global Insight said the data was...