The UK’s GDP has seen its fastest growth for three years latest figures have revealed. We answer five questions on the statistics.
How much has the UK’s economic output grown by?
According to the Office for National Statistics (ONS) UK economic output rose by 0.8 per cent between July and September.
This is the best quarterly performance since 2010.
What other figures were released?
The ONS said production grew by 0.5 per cent, however this is 12.8 per cent off its 2008 level. Within this manufacturing improved by 0.9 per cent.
The service sector grew by 0.7 per cent and is now 0.6 per cent above its pre-crisis peak. This represents three-quarters of economic output.
What has the government had to say about these latest figures?
Chancellor of the Exchequer George Osborne tweeted: “This shows that Britain’s hard work is paying off & the country is on the path to prosperity.”
While the Deputy Prime Minister Nick Clegg said the figures “show that we are firmly on the road to economic recovery”.
And the experts?
The Institute of Directors’ chief economist Graeme Leach told the BBC: “The outlook looks better than at any time since the onset of the financial crisis. Indeed, our members have more confidence in the economy than at any time since 2008.
“However, strong headwinds remain and the annual growth rate year on year is nothing to get too excited about yet. Though inflationary pressures are likely to remain benign, debt and inflation are rising faster than earnings.
“This stage of our economic recovery is likely to be short and sweet, instead of long and strong.”
The director-general of the British Chambers of Commerce, John Longworth, said: “This is the highest quarterly increase we’ve seen in three years, so the economy is clearly moving in the right direction.
“But we are still behind a number of advanced economies, such as the US and Germany, that have managed to recover the output lost during the economic downturn.
So, how does the economy fair overall?
The economy remains 2.5 per cent below its pre-recession peak at the start of 2008, and 1.5 per cent ahead of the same period last year.
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