UK’s gross domestic product in the three months to September was 0.6 per cent higher than in the previous quarter, according to the latest figures from the Office for National Statistics (ONS). This was the best quarterly growth in almost two years.
Compared with a year earlier, the economy stood 1.5 percent larger.
Commenting on today’s data, Chancellor Philip Hammond said the growth figures show the UK economy’s underlying strength.
He commented: “Today’s positive growth of 0.6% is proof of the underlying strength in our economy. We are building an economy that works for everyone with 3.3 million more people in work, lower unemployment in every part of the country, and wages rising at their fastest pace in almost a decade. Now our focus is on locking in this progress and ensuring people’s wages can continue to rise.
“That is why my Budget supports hardworking families by cutting taxes for 32 million people, provides more funding for public services – including a record-breaking funding increase for our vital NHS – and invests in our future with more money for transport and digital technology.”
The figures also showed trade contributed strongly to growth over the third quarter.
Removing the effect of inflation, the total trade deficit narrowed £4.0bn to £1.7bn in the 3 months to September https://t.co/zDv5KiW1Ur pic.twitter.com/iMzpjQwewH
— Office for National Statistics (ONS) (@ONS) November 9, 2018
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