GDP rises by 0.5 %

Published on Tuesday, 01 November 2011 09:42
Posted by Scott Buckler

Gross Domestic Product (GDP) rose by 0.5 per cent in the third quarter (Q3) of 2011, driven by strength in the Services sector (in particular) and the Production sector. The Construction sector showed a small decline

The interpretation of the estimate for Q3 is complicated by the special events in Q2 (for example, the additional bank holiday in April for the royal wedding), which are likely to have depressed activity in that quarter. As with 2010 Q4 and 2011 Q1 (affected by the bad weather in Q4) it may be wise to look at 2011 Q2 and 2011 Q3 together, rather than separately.

On that basis GDP has grown by 0.6 per cent in the last two quarters and by 0.5 per cent in the last year.

Returning to the latest quarter, there is no evidence to suggest that the riots in August had any
significant impact on GDP for Q3.

 

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