UK GDP Recovers In Q3

The UK economy recovered in the third quarter driven by services and construction, data from the Office for National Statistics showed Monday.

Gross domestic product grew 0.3 percent sequentially in the third quarter after contracting 0.2 percent in the second quarter. Nonetheless, this was weaker than the expected growth of 0.4 percent.

On a yearly basis, GDP advanced 1 percent, which was the lowest since the first quarter of 2010.

The dominant service sector grew by 0.4 percent and construction climbed 0.6 percent in the third quarter. Meanwhile, production remained flat and farm output contracted 0.2 percent.

In September, GDP was down 0.1 percent as industrial production shrank 0.3 percent and construction by 0.2 percent. Services output remained unchanged on month in September.

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