2017.12.2204:56:00UTC+00UK Q3 GDP Growth Confirmed At 0.4%

The UK economy grew as initially estimated in the third quarter, data from the Office for National Statistics showed Friday.

Gross domestic product expanded 0.4 percent sequentially in the third quarter, faster than the 0.3 percent growth seen in the first two quarters of 2017.

The statistical office confirmed the second estimate published on November 23.

On a yearly basis, GDP advanced 1.7 percent in the third quarter, up from the previous estimate of 1.5 percent.

Services remained the strongest contributor to growth in the output approach to GDP, which gained 0.4 percent quarterly.

Farm output rose 0.8 percent and production by 1.3 percent. Meanwhile, construction shrank 0.5 percent.

Another report from ONS revealed that services output rose 0.3 percent in three months to October from three months ending July. The index of services gained 0.2 percent in October from September.

The ONS said gross fixed capital formation rose 0.3 percent to GBP 82.3 billion from GBP 82.1 billion in the second quarter. Business investment climbed 0.5 percent to GBP 45.9 billion.

In a separate communique, the ONS said the current account deficit narrowed to GBP 22.8 billion from GBP 25.8 billion in the second quarter. The decline was driven by the decrease in deficits on primary and secondary income and total trade.