Output increased across all four main industrial groupings in Q3, including agriculture (1.4%), production (0.5%), construction (2.5%) and services (0.7%); manufacturing output (which falls within the production grouping) rose by 0.9% for the second consecutive quarter.

Third quarter GDP was up 1.5% on Q3 2012, despite the fact last year’s quarterly figure was boosted by the Olympics and Paralympics.

According to ONS estimates, GDP is now some 2.5% below its pre-crisis peak in Q1 2008; from the peak in Q1 2008 to trough in Q2 and Q3 2009, the UK economy shrank by 7.2%, beating previous downturns in the early nineties (when the economy shrank 2.9%) and at the start of the eighties (when GDP decreased 5.9%).

“This shows that Britain’s hard work is paying off and the country is on the path to prosperity,” said George Osborne on Twitter.

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Output increased across all four main industrial groupings in Q3, including agriculture (1.4%), production (0.5%), construction (2.5%) and services (0.7%); manufacturing output (which falls within the production grouping) rose by 0.9% for the second consecutive quarter.

Third quarter GDP was up 1.5% on Q3 2012, despite the fact last year’s quarterly figure was boosted by the Olympics and Paralympics.

According to ONS estimates, GDP is now some 2.5% below its pre-crisis peak in Q1 2008; from the peak in Q1 2008 to trough in Q2 and Q3 2009, the UK economy shrank by 7.2%, beating previous downturns in the early nineties (when the economy shrank 2.9%) and at the start of the eighties (when GDP decreased 5.9%).

“This shows that Britain’s hard work is paying off and the country is on the path to prosperity,” said George Osborne on Twitter.

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