UK Economy: GDP Growth Accelerates To 0.8%

Written By Unknown on Jumat, 25 Oktober 2013 | 16.12

The UK economy achieved growth of 0.8% in the third quarter - marking a slight acceleration in the recovery across 2013 as a whole.

The Office for National Statistics (ONS) said it marked the strongest period of growth in more than three years - with services, construction and manufacturing all expanding.

It was also the third successive period of improving output but in line with the expectations of economists though some had forecast growth of 1%.

The ONS said construction - a sector bolstered by Government initiatives such as Help to Buy - surged by 2.5%.

Chancellor George Osborne said of the GDP figure on Twitter: "This shows that Britain's hard work is paying off & the country is on the path to prosperity."

Skyscrapers Dominate the London Skyline The housing market recovery is reflected in the GDP growth

Overall GDP was 1.5% ahead of the same period last year - a strong comparison with a time when the economy was boosted by the Olympics and Paralympics.

But the economy remains 2.5% off its pre-recession peak at the start of 2008.

During the third quarter, construction was boosted by new work on private housing and private commercial building as well as domestic home repair and maintenance but remained 12.5% off its 2008 high.

Housebuilders have been buoyed by the Government's Help to Buy scheme, which recently launched a new phase offering mortgage guarantees.

Energy Lower gas and electricity demand over the hot summer hurt growth

Production grew by 0.5%, though this remains 12.8% off its 2008 level, while within this manufacturing improved 0.9% in the third quarter.

The powerhouse services sector, which represents three-quarters of economic output, grew by 0.7% and is now 0.6% above its pre-crisis peak.

The largest contributions here came from business services and finance, followed by distribution, hotels and restaurants.

But the wider statistics highlighted one piece of bad news - in terms of UK growth.

The contribution from utilities - including gas and electricity - tumbled by 6.8% in the period, possibly a result of the warm summer compared to the same period last year which was largely a washout and cool.

The figure was seen as a potential factor behind the decision among energy suppliers to increase household bills.

More follows...


Anda sedang membaca artikel tentang

UK Economy: GDP Growth Accelerates To 0.8%

Dengan url

http://gagalcoba.blogspot.com/2013/10/uk-economy-gdp-growth-accelerates-to-08.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

UK Economy: GDP Growth Accelerates To 0.8%

namun jangan lupa untuk meletakkan link

UK Economy: GDP Growth Accelerates To 0.8%

sebagai sumbernya

0 komentar:

Posting Komentar

techieblogger.com Techie Blogger Techie Blogger