GDP is estimated to have grown by a record 15.5% July To September

12th November 2020

UK gross domestic product (GDP) is estimated to have grown by a record 15.5% in Quarter 3 (July to Sept) 2020, as lockdown measures were eased.

Though this reflects some recovery of activity following the record contraction in Quarter 2 (Apr to June) 2020, the level of GDP in the UK is still 9.7% below where it was at the end of 2019.

Compared with the same quarter a year ago, the UK economy fell by 9.6%.

While output in the services, production and construction sectors increased by record amounts in Quarter 3 2020, the level of output remains below Quarter 4 (Oct to Dec) levels, before the impact of the coronavirus (COVID-19) pandemic was seen.

The levels of expenditure remain considerably below their levels before the effects of the coronavirus, as the pickup in business investment has been much weaker than private consumption.

Read the full report from the Office for National Statistics HERE