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- UK GDP growth accelerated more than forecast in Q3
UK GDP growth accelerated more than forecast in Q3
Office for National Statistics said, UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.4% in Quarter 3 (July to Sept) 2019, revised upwards by 0.1 percentage points from the first quarterly estimate. Economists had expected a 0.3% increase.
When compared with the same quarter a year ago, UK GDP increased by 1.1% to Quarter 3 2019; revised upwards by 0.1 percentage points from the previous estimate. Economists had expected a 1.0% increase.
At headline level, the GDP dataset is largely unrevised, with 0.1 percentage point revisions to Quarter 4 (Oct to Dec) 2018 and Quarter 3 2019; revisions reflect the inclusion of annual benchmarks from a number of sources for 2018 and the incorporation of administrative Value Added Tax turnover data in the output approach to measuring GDP for Quarter 2 (Apr to June) 2019.
Services remained the strongest contributor to growth in the output approach to GDP in Quarter 3 2019; construction and production also contributed positively to growth.
Household consumption and net trade contributed positively, while gross capital formation and government expenditure contributed negatively to GDP growth in Quarter 3 2019.
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