GDP increased by 0.8% in the third quarter of 2013. The largest contribution to the increase came from the services sector, which increased by 0.7%. The increase in GDP followed growth of 0.7% in Q2 2013. In the latest quarter there was widespread growth, with increases in each of the four main aggregates. Output increased by 1.4% in agriculture, 0.5% in production, 2.5% in construction, and 0.7% in services.
The 2.5% increase in construction contributed 0.15 percentage points to the increase in GDP. New work on private housing and private commercial were key contributors to this increase, and there was also growth in private housing repair and maintenance.
There was an upwards contribution from the production sector, which grew by 0.5%, with manufacturing increasing by 0.9%.
Economic growth resumed towards the end of 2009, but at a slower rate than the period prior to 2008, as demand was subdued by inflation outstripping nominal wage growth, leading to a fall in the real income of households. The services industries grew steadily, if slowly, during this period; activity in these industries is now slightly above the level previously seen in early 2008. By contrast, production and construction activity grew in 2010 but did not sustain this growth, with continued long-term economic uncertainty – exacerbated by the euro area sovereign debt crisis – particularly affecting construction in 2012. Although there has been growth across all industrial groupings in 2013, activity in the production industries remains slightly below the trough recorded in 2009. The increase in GDP since then is overwhelmingly attributable to services.
Source: Office for National Statistics
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