UK Third-Quarter Economic Growth Downgraded to 1.1%

Source: Office for National Statistics

The United Kingdom’s third-quarter economic growth was revised lower to reflect a slower services output growth, along with a decline in production output. EWU is flat premarket.

• The third-quarter economic growth was downgraded to 1.1% from the earlier announced 1.3%, following an upward revised 5.4% in the second quarter.
• The latest figure brings the level of real quarterly gross domestic product 1.5% below levels recorded prior to the COVID-19 pandemic at the end of 2019.
• The services output growth was revised to 1.4%, down from the 1.6% earlier announced, bringing the level 0.6% below fourth-quarter 2019 levels.
• The production output was changed to reflect a 0.1% decline versus the 0.8% growth in the first estimate amid supply chain constraints.
• Construction output declined by a revised 1.0%, bringing the level 2.1% lower than pre-COVID-19 levels due to enhanced data from VAT returns.