UK third quarter growth revised up to 0.6%

UK third quarter growth revised up to 0.6%

The UK economy grew by 0.6% in the third quarter, according to official figures, faster than previous estimates.

Growth for the July-to-September period had originally been estimated at 0.5%.

New data from the Office for National Statistics (ONS) suggested that the business and financial sector was more active than previously estimated.

The ONS also said that growth in the third quarter of the year was helped by “robust consumer demand”.

However, the ONS trimmed its estimates of growth in the first and second quarter of the year. It now says the economy grew by 0.3% in the first quarter, compared with an earlier figure of 0.4%, and cut its estimate for second-quarter growth to 0.6% from 0.7%.

In addition, separate figures from the ONS showed the UK’s current account deficit rose back towards record levels in the third quarter, with few signs that the fall in the pound in the wake of the Brexit vote has helped to boost exports.

The gap widened to £25.494bn for the period, from a deficit of £22.079bn in the second quarter.

That was lower than economists had expected but it caused the deficit to rise to 5.2% of GDP from 4.6%. The record percentage level was 6% in 2013.