December Monthly headlines:
- Q3 UK GDP growth unrevised with business investment supporting growth in the quarter
- OBR downgrades its economic and fiscal outlook for the UK
- US GDP growth revised up, but the pick-up in Indian GDP growth unlikely to be sustained
UK growth unrevised in Q3… The second official estimate of economic growth (GDP) recorded UK economic growth of 0.5% in Q3 2016, unrevised from the previous estimate and lower than the 0.7% recorded in the second quarter (see Chart 1). Despite the slowdown, growth in Q3 marked the fifteenth successive quarter of GDP growth. In annual terms, GDP was up by 2.3% in Q3. UK economic output is currently 8.1% above its Q1 2008 pre-recession peak. Overall, the latest GDP figures confirm that the UK economy is growing in line with the long-term historic average.