UK economic growth eased slightly in third quarter, NIESR estimates

The UK economy grew by 0.7% in the third quarter after 0.8% in the previous three months, according to estimates from the National Institute of Economic and Social Research (NIESR).

The report on UK gross domestic product for the three months ended September, indicates that the UK economy is now 3.1% larger than it was the same period a year earlier.

The economy is also 3.5% bigger than it was at its previous peak in January 2008.

“There does however remain a reasonable amount of spare capacity in the UK economy,” NIESR said.

“Given this, we continue to expect the first increase in interest rates to come in February 2015.”