Niesr estimates GDP growth in three months to October but pace is slower

UK GDP rose by 0.7 per cent in October, marking another slight slowing in growth after September's 0.8 per cent growth and August's 0.9 per cent. Think tank Niesr released the growth estimate, which is for the three months to October.

This morning, we saw industrial production of UK firms rise by 0.9 per cent in September, beating expectations of a 0.7 per cent increase. Analysts were sceptical, however, that the increase, although indicative of continuing recovery, would be enough on its own to boost the GDP estimate.

Niesr has predicted that the UK economy will grow by 1.4 per cent this year, 0.2 percentage points faster than it projected in August, and followed by growth of two per cent in 2014.