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UK economy grows in Q3 on higher household spending

by ChemOrbis Editorial Team -
  • 27/11/2014 (18:04)
According to a report released by the UK Office for National Statistics (ONS), the UK economy grew for a seventh consecutive quarter in the third quarter. The country’s gross domestic product (GDP) increased 0.7% on a quarterly basis, in line with initial estimates.

On a yearly basis, the country’s economy grew 3% in the July- September period. The increase in the country’s GDP was attributed to higher household spending, which rose 0.8% in the third quarter to post the strongest level seen since the second quarter of 2010. However, business investment declined 0.7%, recording its first drop since the second quarter of 2013. Exports were also down 0.4% while imports rose 1.4% in the third quarter. The report also showed that the country’s production growth was revised down to 0.2% compared to an initial estimate of 0.5% whereas the service sector expanded 0.8% compared with the initially estimated 0.7% gain.
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