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UK GDP confirmed at 0.4% in Q3


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UK GDP confirmed at 0.4% in Q3

U.K. third-quarter GDP has been confirmed at 0.4% by the Office for National Statistics, while the country's current account deficit fell to £22.8 billion from a revised £25.8 billion deficit in the second quarter.

Growth inched up from a 0.3% expansion in the second quarter, as the services sector continued its positive contribution.

The third-quarter current account deficit accounted for 4.5% of GDP, down from 5.1% in the preceding quarter. The latest contraction was driven by a quarterly narrowing of the deficits on primary income by £1.8 billion quarterly, on secondary income by £1.0 billion and on total trade by £300 million.

The narrowing in the primary income deficit was mostly due to a £3.6 billion gain in U.K. earnings on investments abroad, partially offset by a growth in outbound payments of £1.8 billion, the ONS said.

Britain's net liabilities were recorded at £207.6 billion at the end of the third quarter.

Household spending was up by 0.5% in the third quarter after a 0.2% jump the quarter before.