UK economy now 3.4% higher than when hit buffers under Labour

According to data just released by the independent Office for National Statistics, GDP increased by 0.7% in Q3 2014 compared with growth of 0.9% in Q2 2014. Change in GDP (gross domestic product) is the main indicator of economic growth. It is now nearly 10% higher than at the bottom of Labour's 2009 slump.

Output increased in all four main industrial groupings within the economy in Q3 2014. In order of their contribution, output increased by 0.7% in services, 0.5% in production, 0.8% in construction and 0.3% in agriculture.

GDP was 3.0% higher in Q3 2014 compared with the same quarter a year ago.

In Q3 2014 GDP was estimated to have been 3.4% higher than the pre-economic downturn peak of Q1 2008. From the peak in Q1 2008 to the trough in Q2 2009, the economy shrank by 6.0%.

The preliminary estimate of GDP is produced using the output approach to measuring GDP. At this stage, data content is less than half of the total required for the final output estimate. The estimate is subject to revision as more data become available, but these revisions are typically small between the preliminary and third estimates of GDP.
All figures have been seasonally adjusted.