UK economic growth picks up to 0.7% in third quarter
The U.K. economy grew 0.7% in the third quarter of the year, in line with estimates.
TL;DR
- U.K. economy grew 0.7% in Q3, meeting estimates.
- Services sector expanded by 0.9%, boosting overall growth.
- Production sector grew 0.1%, while construction contracted by 0.7%.
- September saw 0.2% month-on-month economic growth, beating expectations.
- This represents the fastest growth rate in nearly ten years, excluding the pandemic.
- Finance minister John Healey highlighted the economy's resilience amid global challenges.
- Prime Minister Andy Burnham expressed optimism for the future based on this growth.
- The British pound saw a slight decrease against the U.S. dollar and remained flat against the euro.