UK Economy Grows 0.7% in Q3

The UK economy grew by 0.7% in the third quarter of 2023, in line with market expectations, primarily driven by an increase in service sector output. Economists had previously forecasted a quarter-on-quarter growth of 0.7% for the third quarter. Over the three months to September, the UK economy grew by 1.9% year-on-year. Data shows that the economic growth rate in the third quarter slightly accelerated compared to the previous quarter, with GDP growth of 0.5% in the second quarter and 0.6% in the first quarter. According to the Office for National Statistics, service sector output increased by 0.9% in the third quarter, offsetting the production sector's growth of only 0.1% and a 0.7% contraction in construction. In September, the UK economy grew by 0.2% month-on-month, better than the market expectation of zero growth, indicating an improvement from the previous month, where revised data showed zero growth in August. UK Chancellor of the Exchequer John Healey stated that despite the global economic impact from the war between the US and Iran, the UK economy continues to show resilience, claiming that the economy is growing at its fastest pace in nearly a decade, excluding the pandemic period. UK Prime Minister Andy Burnham remarked that the economic growth in the third quarter brings hope for the future. On Thursday morning, the pound fell by 0.2% against the dollar, remained stable against the euro, and UK government bond yields showed little change.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.