The Strategist

UK GDP climbs up by 15.5% in Q3

11/13/2020 - 03:32

GDP of the UK increased by 15.5% in the third quarter compared to the previous quarter - these figures were published by the National Statistics Office (ONS) on Thursday 12 November.

This is a record quarterly growth since 1955, reflecting the recovery of the British economy from the recession in the second quarter under particularly stringent quarantine measures - GDP then fell by 20.4%.

However, GDP in the third quarter remains 9.6% below the third quarter of last year. According to ONS, GDP growth also slowed during the quarter: 6.3% in July, 2.2% in August and 1.1% in September.

Last week, the Bank of England updated its GDP forecast for the coming years - it expects the UK economy as a whole to shrink by 11% in 2020 and to grow by only 7% next year. 

At the end of October, the European Statistics Office also provided data for the third quarter: GDP in the eurozone rose by 12.7% during this period, while some countries showed even stronger growth: GDP in France increased by 18.2%.