Preliminary figures released by the Office for National Statistics yesterday suggested that UK GDP growth in the third quarter of the year was 0.5% – lower than the previous quarter’s growth rate of 0.7%, and the consensus forecast of 0.6%.
The preliminary GDP growth figures for the second quarter of the year, released yesterday, showed a recovery from the disappointing growth of the first quarter.
The preliminary estimate of GDP growth for the second quarter of 2014, released at the end of last week, suggested that the UK economy has finally overtaken the previous peak of output before the recession in 2008.
A preliminary estimate of Q1 GDP released by the Office for National Statistics yesterday suggested quarter on quarter growth of around 0.8%.
The Office for National Statistics November Economic Review pointed out this week that although we have begun to experience decent economic growth again, there has been very little growth in real household disposable income since the beginning of 2009.