United Kingdom growth edges higher in the third quarter

27 October, 2017, 00:40 | Author: Gladys Mathis
  • Mark Carney will now come under pressure to raise interest rates

Industrial production also rose in July and August but construction contracted for a second quarter in a row.

As neighbouring eurozone growth accelerates to a decade high of 2.2 per cent this year, United Kingdom growth looks set to slow to a modest 1.6 per cent, well...

This was a rise of 1.5 percent year-on-year, according to the Office for National Statistics, with services and manufacturing being the main drivers of growth, as well as the auto sector.

The latest figures from the Office for National Statistics show that the United Kingdom economy grew by £488,862m, or 0.4% in the July-September period.

United Kingdom economic growth picked up in the third quarter of the year to a better than expected 0.4%, according to preliminary figures.

Speaking during a visit to the Francis Crick Institute, the largest biomedical research laboratory in Europe, the chancellor of the exchequer, Philip Hammond, said: "We have a successful and resilient economy which is supporting a record number of people in employment".

The lion's share of the expansion came from the services and manufacturing industries, while the construction sector fell into recession.

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However, it sent the UK FTSE's 100 index tumbling 0.4% to 7,496 as stronger economic growth fuels speculation about an interest rate rise at the Bank of England.

The pound clawed back a cent against the dollar, trading above $1.32, when the ONS figures were announced as the prospect of a rate rise seemed more assured.

The expectation of a rate rise has pushed up swap rates - one of the factors that will determine how lenders price their fixed rates.

"Yet if they do rise as expected, the move will be largely symbolic".

The UK economy grew faster than expected during the last quarter, increasing the likelihood that the Bank of England will raise interest rates next week. "That has yet to be seen, and the latest weak growth data suggests that productivity growth will also remain poor, making it unlikely that pay growth will rise much above inflation anytime soon".

"If the MPC doesn't raise interest rates on 2 November following this preliminary GDP estimate, Mark Carney will be branded as the central banker who cried wolf once too often".

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