Chancellor George Osborne says the UK is at a "critical moment", with the economy facing the dual threat of a slowing eurozone and instability in global markets.
He claimed failing to follow through with the Government's economic policies would see a return to the "chaos and instability of the past".
Shadow Chancellor Ed Balls says today's GDP figures show a "concerning slowdown" in the economy.
He also claimed several areas of the economy were performing poorly.
“For all George Osborne's claims that the economy is fixed most people are still not feeling the recovery. Working people are over £1600 a year worse off since 2010 and these figures now show a concerning slowdown in economic growth too.
“Under this government house building is it at its lowest level since the 1920s, business investment is lagging behind our competitors and exports are way off target," Mr Balls added.
Ukip leader Nigel Farage said:
David Cameron once claimed that he had reduced the EU budget - but the UK contribution went up - and now, quite incredibly, our contribution goes up a second time. It's just outrageous.
The EU is like a thirsty vampire feasting on UK taxpayers' blood. We need to protect the innocent victims, who are us.
Mr Farage told the Press Association that Mr Cameron is in "real political trouble".
Yes, it's outrageous, but that's how the European Union works.
He's in a very weak position. He can do nothing about this.
And I think, really, he's now being pushed into a position where, unless he brings forward his referendum promise, I think he's in real political trouble.
Chancellor George Osborne has welcomed today's GDP estimate, saying it shows the UK is "leading the pack" in the uncertain global economy.
Strong GDP growth of 0.7% in Q3 and 3% over the last year. The UK is leading the pack in an increasingly uncertain global economy
The Chancellor published several tweets immediately after the figures came out, describing the economic outlook as "very encouraging".
Critical moment for UK economy. We face a choice: return to economic chaos of past or work through plan that's creating a brighter future
Growth not just in services but in manufacturing and construction too. Very encouraging
Construction was the fastest growing sector of the economy in the third quarter of the year, according to the latest GDP estimate.
The Office for National Statistics preliminary estimate found that the dominant services sector grew at 0.7%, while agriculture was the slowest-growing sector at 0.3%.
The director of the Office for National Statistics has said there is "nothing very much to worry about" after new figures estimated a 0.2% drop in GDP in the three months to September.
The ONS estimates the economy grew 0.7% in the third quarter, compared to 0.9% in the second quarter.
Joe Grice told the BBC: "Having said that This is a little bit lower than 0.9% we saw last quarter, this is all within the margins of error."
"It is a bit lower, 0.2% lower than last time, but it's still pretty health growth. At an annualised rate that's 3% year. at this stage one would have thought in these figures, [there's] nothing very much to worry about.
A request by Tory MP Andrew Turner for a Government minister to be required to answer an urgent question in the Commons about the EU demand has been declined by Speaker John Bercow.
Mr Cameron will give his customary post-summit statement to the Commons on Monday.
Patrick O'Flynn, MEP for the Eurosceptic Ukip, said: "The EU's budget surcharge is effectively asking UK taxpayers to fork out for the disaster of the eurozone. Totally outrageous."