GDP grew by almost 1%

25 October, 2013

The economy grew by 0.8% in the third quarter, according to provisional GDP figures.

According to the Office for National Statistics (ONS), the increase in GDP followed growth of 0.7% in Q2. Output increased by 1.4% in agriculture, 0.5% in production, 2.5% in construction, and 0.7% in services.

This is the third successive period of growth, and the best performance since the Q2 2010.

The ONS said that 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%.

GDP has been reported as 1.5% higher in Q3 2013 compared with the same quarter a year ago.

George Osborne, Chancellor of the Exchequer, tweeted earlier today that 0.8% growth “shows that Britain's hard work is paying off and the country is on the path to prosperity”.





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