UK Q3 GDP Growth Revised Up to 1.9% YoY
In the third quarter of 2013, UK’s GDP growth was revised to a final reading of 1.9 percent year-on-on-year, up from an earlier estimate of 1.5 percent. Later data for expenditure, in particular household final consumption expenditure, has led to upward revisions for GDP since Q1 2012. Quarter-on-quarter, GDP growth was confirmed at 0.8 percent.
12/20/2013 10:52:20 AM
Household final consumption expenditure has been rising each quarter since Q1 2012. In the third quarter, it was 2.5 percent higher, slightly up from previous estimate of 2.4 percent. Non-profit institutions serving households final consumption expenditure rose by 5.9 percent, revised up from the previously estimated -1.8 percent drop.
Government consumption was also revised upwards to 1.4 percent (up from 1.1 percent) and the drop in gross fixed capital formation slowed to - 0.7 percent (previous estimate of -1.6 percent).
In contrast, exports were revised downwards from -1.1 percent to a sharper drop of -1.8 percent.