UK GDP Growth Matches Estimates in Q3

The British economy expanded 3 percent year-on-year in the third quarter of 2014, unrevised from the preliminary estimate. Private consumption was the main contributor to growth while exports shrank for the second consecutive quarter.
ONS | Joana Taborda | 11/26/2014 11:55:41 AM
Household final consumption has been rising each quarter since Q4 2011 and was 2.4 percent higher in Q3 2014 than in the same period a year ago.

Government final expenditure increased by 1.7 percent, up from a 1.2 percent rise in the previous three months and non-profit institutions serving households final consumption increased by 1.0 percent (0.7 percent in Q2). 

Gross fixed capital formation increased by 7.1 percent, following a 9.1 percent rise in the second quarter. Business investment slowed (6.3 percent from 11 percent in the previous period) but is still £2.6 billion higher than the pre-downturn peak in Q2 2008.

Exports shrank 1 percent and imports contracted 2.4 percent. 

On a quarter-on-quarter seasonally adjusted basis, the economy expanded 0.7 percent in the three months to September, slowing from a 0.9 percent growth in the previous period.

UK GDP Growth Matches Estimates in Q3