The United Kingdom may have pulled out of a downward economic cycle. At least that is what official government data shows. For the third quarter of this year, gross domestic product rose 1% compared with the second quarter.
The only dark spot was construction, where economic activity fell 2.5%. Based on this, the U.K. is no different from any other large developed economy that is still staggered by real estate problems — both commercial and residential.
The preliminary data from the Office of National Statistics:
- GDP was estimated to have increased by 1.0 per cent in Q3 2012 compared with Q2 2012
- Output of the production industries was estimated to have increased by 1.1 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.7 per cent between Q1 2012 and Q2 2012
- Construction sector output was estimated to have decreased by 2.5 per cent in Q3 2012 compared with Q2 2012, following a decrease of 3.0 per cent between Q1 2012 and Q2 2012
- Output of the service industries was estimated to have increased by 1.3 per cent in Q3 2012 compared with Q2 2012, following a decrease of 0.1 per cent between Q1 2012 and Q2 2012
- GDP in volume terms was estimated to have been flat in Q3 2012, when compared with Q3 2011
Douglas A. McIntyre
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