Fastest Economic Growth In Three Years 
The latest official figures show that UK economic output rose by 0.8 per cent between July and September, which is the best quarterly performance since 2010.

Data from the Office for National Statistics (ONS) said there had been a "fairly strong" performance across all sectors, with construction up 2.5 per cent over the quarter, the second successive quarter of growth after a volatile performance during the last year.

The ONS said that production grew by 0.5 per cent, though this remains 12.8 per cent off its 2008 level, while within this, manufacturing improved 0.9 per cent in the third quarter.

Meanwhile, the services sector, which accounts for some three-quarters of UK GDP, grew by 0.7 per cent. Output from services is now 0.4 per cent above its pre-crisis peak in the first quarter of 2008.

However, despite news of the second strong quarterly performance in a row, the level of GDP remains 2.5 per cent lower than it was when the recession began at the start of 2008.

The ONS said that national output had grown by 1.5 per cent between the third quarter of 2012, when the economy was boosted by the London Olympics and Paralympics, and September 2013. During Q3, output increased by 1.4 per cent in agriculture, 0.5 per cent in production, 2.5 per cent in construction and 0.7 per cent in services.

Commenting on the data, Chancellor George Osborne tweeted "country is on the path to prosperity", while Deputy Prime Minister Nick Clegg said that the figures show that the UK is "firmly on the road to economic recovery".

The figures, released on Friday (October 25) are a first estimate only, however and could be revised up or down in subsequent months.

For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk



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