UK growth revised up to 0.6% for Q3

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UK third quarter GDP growth has been revised up to 0.6 per cent from 0.5 per cent previously reported.

However, business investment growth has been revised down from 0.9 per cent to 0.4 per cent.

First and second quarter GDP forecasts have also been revised down to 0.3 per cent and 0.6 per cent respectively.

Sterling weakness is yet to boost exports with net trade sharply negative. Exports fell 2.6 per cent quarter-on-quarter and imports rose 1.4 per cent.

High employment and consumer spending, which was up 0.7 per cent quarter-on-quarter, helped boost today’s figures.

IHS Markit predicts full year growth of 2.1 per cent and Q4 growth of at least 0.4 per cent.