UK third quarter GDP in line with expectations

The UK economy grew in line with expectations in the third quarter, data released on Friday showed.

According to the Office for National Statistics, the UK’s gross domestic product (GDP) rose 0.5% quarter-on-quarter in the three months to September, unrevised from the preliminary estimated published late last month and marking the 11th consecutive quarter of growth.

On a year-on-year basis, GDP rose 2.3%, also unrevised from October’s estimate, while GDP in current prices increased 0.6% quarter-on-quarter in the three months to September.

GDP per head in volume terms rose 0.3% quarter-on-quarter, while it rose 2.2% year-on-year between 2013 and 2014.

"The overall economic recovery still has some obstacles to overcome in the coming quarters, including uncertainty ahead of the EU referendum and a renewed fiscal squeeze," said Scott Bowman, UK economist at Capital Economics.

"But, the growth outlook remains fairly positive due to strong supporting factors including solid real wage growth, low interest rates and high confidence."