GDP confirmed at 1%

Gross domestic product (GDP) growth in the third quarter has been confirmed at 1%. The figure marks the end of the longest double-dip recession since the 1950s.

Live updates

Cameron pressures ministers over growth

David cameron has urged Cabinet ministers to boost growth across government and "challenged" those who were not delivering.

On the day that GDP growth for the third quarter was confirmed at 1%, the Prime Minister told a Cabinet meeting that ministers needed to do more to cut red tape.

In certain areas departments are not doing as well as they should be.

The purpose of this is to hold departments to account and make sure secretaries of state are holding departments to account.

– Prime Minister's spokesman

Second estimate of GDP - key points

Headline figures from the revision of GDP for the third quarter of 2012:

  • Output of the service industries rose by 1.3% and is unrevised
  • Output of the construction industry fell by 2.6%, revised down from 2.5%
  • Output of the production industries rose by 0.9%, revised down from 1.1%
  • Manufacturing output rose by 0.9%, downgraded by 0.1%

Advertisement

Estimate confirms strongest GDP growth since 2010

The second estimate of economic growth between July and September is the strongest rate since the second quarter of 2010.

The unchanged headline GDP figure remains the fastest rate of quarterly growth in five years and marked the end of the longest double-dip recession since the 1950s.

The figure was driven by one-off factors and is expected to fall back between October and December after a series of weak purchasing managers' surveys.

Bank of England Governor Sir Mervyn King recently warned that output could even shrink in the fourth quarter.

GDP confirmed at 1%

Gross domestic product (GDP) growth in the third quarter has been confirmed at 1%.

The figure, originally unveiled last month, marked the end of the longest double-dip recession since the 1950s.

GDP third quarter growth set to be revised down

The British economic bounce-back between July and September looks likely to be trimmed today after a worse-than-expected performance in construction and manufacturing.

Third quarter gross domestic product figures are forecast to be revised down by the Office for National Statistics (ONS) to 0.9 percent from one percent in its first estimate.

The initial estimate, released last month, was the fastest rate of quarterly growth in five years and marked the end of the longest double-dip recession since the 1950s.

But economists warned the figure was flattered by one-off effects such as the London Olympics, and clawed back output lost in the previous quarter from the Diamond Jubilee.

Back to top