The latest figures released by the Office of National Statistics have revealed that the economy performed better than anticipated for Quarter 3
The latest figures released by the Office of National Statistics have revealed that the economy has performed better than anticipated for Quarter 3, with GDP estimated to have increased by 0.5% from July to September, compared with growth of 0.7% in Quarter 2.
GDP was 2.3% higher in Quarter 3 2016 compared with the same quarter a year ago. A strong performance in the services industries – which increased by 0.8% in Quarter 3 - has been cited as offsetting falls in other industrial groups.
Growth in the transport, storage and communication industries increased by 2.2% compared with 0.6% in Quarter 2 – which has been described as the fastest growth in these industries since Quarter 4 of 2009. In addition, growth has been largely driven by the film, music and television industries.
Output decreased in the other three main industrial groups with construction showing the largest fall of 1.4%. This is, perhaps not the biggest surprise following the recent news of Travis Perkins closing a number of its branches. Agriculture has decreased by 0.7% and production by 0.4% (within which manufacturing decreased by 1.0%).