Great Britain: GDP Grows 6.8% in Q3

The UK Statistical Office has released its final estimate of the country’s economic increment for the Q3. UK GDP increased by 6.8% year-on-year. Compared to the past quarter, the increment was 1.1%. Despite the good dynamics, the country’s economy has not yet reached the pre-crisis condition. Compared to the volume of GDP in October-December 2019, the lag is 1.5%. The backbone of the British economy is the service sector. In the 3rd quarter, its volume increased by 7.4% in relation to the indicator in the same period of the prior year. On a quarterly basis, the UK services sector evolved 1.4%. The volume of construction in the nation enlarged in the reporting quarter on an annualized basis by 9.6%. However, compared to the 2nd quarter, it enlarged by 1%. The UK ended last year with a record economic downturn in history. The country’s GDP fell by 9.7%.

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Arseny Kudrin

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