U.K. economy exits recession in Q3
2012-10-25 12:42:52
The U.K. economy expanded in the third quarter, ending three straight quarters of contraction, preliminary estimate from the Office for National Statistics showed Thursday.
Gross domestic product grew by a more-than expected 1 percent sequentially in the third quarter. It follows a 0.4 percent fall in the second quarter and 0.3 percent drop in the first quarter.
Output of the production industries advanced 1.1 percent, reversing a 0.7 percent drop a quarter ago. Likewise, service output grew 1.3 percent, following a decrease of 0.1 percent.
At the same time, construction output fell at a slower pace of 2.5 percent after falling 3 percent in the prior quarter.