Third quarter GDP growth has been confirmed at 0.8 per cent by the Office for National Statistics (ONS).
Three of the 34 economists polled by Bloomberg expected the first estimate of third quarter GDP to show growth of 0.7 per cent, while another three saw it at 0.9 per cent. The vast majority - the remaining 28 - expected to see the ONS confirm its estimate of 0.8 per cent.
UK nominal GDP growth back up to +3.8% y/y, much better but still weaker than we need.— Britmouse (@britmouse) November 27, 2013
The pound has risen to its highest level against the dollar since 23 October, up by 0.2 per cent.
Exports fell by 2.4 per cent in the third quarter, with imports up 0.4 per cent. Business investment stood at just 1.4 per cent, well under analysts forecasts of growth at two per cent.
Construction growth was also revised down, from 2.5 per cent to 1.7 per cent.
GDP breakdown shows compensation of employees up just 0.4%q/q in Q3.But that was after a tax-influenced strong figure in Q2.— RBS Economic Insight (@RBS_Economics) November 27, 2013