15th Nov 2024 08:14
(Clarifies that the quarterly GDP decline underperformed against the consensus.)
(Alliance News) - UK gross domestic product is estimated to have increased in the latest quarter but edged down for September, data from the Office for National Statistics showed on Friday.
UK GDP decreased 0.1% in September, the ONS said, underperforming against the FXStreet-cited market consensus which had forecast a 0.2% increase, the same as had been the case in August.
In the quarter ended September 30, UK GDP is estimated to have increased 0.1%, slowing from growth of 0.5% in the second quarter and missing the consensus forecast of 0.2%.
Year-on-year, UK GDP is expected to have grown 1.0% in the third quarter, up from on-year growth of 0.7% the ONS had reported for the second quarter.
Also on Friday, the ONS reported that the UK showed a GBP3.46 billion total trade deficit for September, compared with August's GBP2.02 deficit. The total goods and services deficit widened to GBP11.4 billion in the third quarter.
Furthermore, industrial production decreased 0.5% on-month in September, missing consensus of 0.1% growth and swinging from 0.5% growth in August. On an annual basis, production decreased 1.8% for September compared with a 1.7% on-year decline in August, and surpassing consensus of a 1.2% decrease.
The ONS further estimates that production decreased 0.2% on-quarter in the three months ended September, following a 0.3% decrease for the second quarter.
Construction output is estimated to have risen 0.8% in the third quarter compared with the second, "solely from an increase in new work" which rose 2.0% on-quarter. Meanwhile, monthly output is estimated to have grown by 0.1% in volume terms in September 2024.
The annual rate of construction output price growth was 2.0% in the 12 months to September 2024, the ONS said.
By Emma Curzon, Alliance News reporter
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