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- UK GDP grew more than expected in the third quarter
UK GDP grew more than expected in the third quarter
According to the report from the Office for National Statistics, UK gross domestic product (GDP) is estimated to have increased by a record 16.0% in Quarter 3 (July to Sept) 2020, revised from the first estimate of 15.5% growth. Economists had expected a 15.5% increase.
Though this reflects some recovery of activity following the record contraction in Quarter 2 (Apr to June) 2020, the level of GDP in the UK is still 8.6% below where it was at the end of 2019, revised from an initial estimate of 9.7%.
Compared with the same quarter a year ago, the UK economy fell by a revised 8.6%.
While output in the services, production and construction sectors increased by record amounts in Quarter 3 2020, the level of output remains below Quarter 4 (Oct to Dec) 2019 levels, before the impact of the coronavirus (COVID-19) pandemic was seen.
There has been a recovery in private consumption, government consumption and, to a lesser extent, business investment in Quarter 3 2020 in line with the easing of public health restrictions, however, the levels remain below their pre-lockdown level.
The households’ saving ratio decreased to 16.9% in Quarter 3 2020, compared with 27.4% in Quarter 2 2020.
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