UK economy grows 0.8% in third quarter

Output increased in all four main industrial groupings within the economy in Q3 2013 compared with the previous quarter. Output increased by 1.4% in agriculture, 0.5% in production, 2.5% in construction, and 0.7% in services. Output from services is now slightly above its previous peak in Q1 2008, prior to the economic downturn. In Q3 2013 GDP was estimated to be 2.5% below the peak in Q1 2008. From peak to trough in 2009, the economy shrank by 7.2%, the ONS said. The 0.8% growth figure was in line with economists' expectations. Howard Archer of IHS Global Insight said the data was...