The UK economy grew by 0.5% over the third quarter of 2016. This was less than the 0.7% growth in the previous quarter but greater than the 0.3% forecast. The service industry increased by 0.8%, while industrial production contracted. Mining and quarrying grew by 5.2% after 2.8% growth in the previous quarter.
The Euro area as a whole expanded by 0.3% for the second quarter in a row, higher than market expectations of 0.2%. Germany grew 0.2%, in line with market expectations, after growing 0.4% in the previous quarter. This was its weakest quarterly growth rate since the third quarter of 2015. The French economy grew 0.2%, compared to the revised growth rate of -0.1% in the previous quarter and market expectations of 0.3%. The Italian economy expanded by 0.3%, greater than the 0.0% growth rate of the previous quarter and the 0.2% forecast. Spain grew by 0.7% after 0.8% growth in each of the past three quarters. Greece grew by 0.5%, outperforming the
-0.3% market expectations.
The US economy’s third quarter annualised growth rate of 2.9% was an improvement over the second quarter growth rate of 1.4% and above market expectations of 2.5%. Personal consumption expenditure rose and exports grew at their highest level since 2013, leading net exports to increase by 0.83%.
China grew by 1.8% in the third quarter, higher than the 1.7% forecast but lower than the previous quarterly growth rate of 1.9%.
This report contains statistics data for markets around the world.