After a slower start to the year, the UK economy is showing renewed momentum with stronger activity in consumer-facing parts of the market. Third-quarter growth of 0.7% reflects a pickup in household spending and a recovery in services, although inflation and wider global pressures remain risks.
Highlights
- The UK economy grew 0.7% in the third quarter, up from 0.2% in the previous quarter, according to the Office for National Statistics.
- Consumer spending and recovery in the services sector drove the quarterly growth, signaling a rebound from this year's earlier slowdown.
- Government measures and support packages improved the near-term outlook, but concerns over inflation and global economic risks persist.
Third-quarter growth gains pace
As reported by Financial Times, the UK economy grows by 0.7% in the third quarter, marking an improvement from the previous quarter's 0.2% expansion and signaling a rebound from the earlier slowdown this year.Consumer spending is driving much of the increase, while the services sector is also recovering after being heavily affected by the pandemic. The Office for National Statistics says the latest figures point to a significant strengthening in economic activity over the quarter.
Outlook improves despite persistent risks
Analysts say government measures and support packages are helping lift economic activity, contributing to a more positive outlook for the coming months.At the same time, inflation remains a concern, and ongoing global economic fluctuations could still weigh on the recovery. Those pressures suggest that while the latest data indicate improvement, the broader environment for the UK economy remains uncertain.
We recently wrote about the Bank of England’s view that the UK has weathered the energy price shock better than expected.
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