UK economy grows 0.7% in the third quarter, its fastest rate in more than two years

Summary

The UK economy grew at its fastest quarterly rate in more than two years, gross domestic product (GDP) increasing by 0.7% in the third quarter, between July and September, The Independent and the Evening Standard reported on Thursday 12 November. The Office for National Statistics also said GDP rose 0.2% month on month in September, in a boost to the chancellor, John Healey, The Guardian reported, while the Financial Times wrote that the figure underscores resilience despite surging energy prices and rising borrowing costs. Computer programming and consultancy helped drive growth as demand for AI and cloud computing rose, while the Iran war pushed up energy costs, Euronews reported, the growth being in line with expectations, and The Telegraph headlined that AI fuels the fastest economic growth in two years. Andy Burnham described the figures as 'welcome news', saying 'Despite a year where events around the world have pushed up costs here at home, our economy is growing, bringing hope for the future', HuffPost UK reported, and the Evening Standard headlined that Britain defies the hit from Trump's Iran war to grow the economy, the ONS saying the economy is growing at its fastest rate since the start of 2024.

Latest: The UK economy grew by 0.7% in the third quarter, between July and September, its fastest quarterly rate in more than two years, the Office for National Statistics said, according to The Independent and the Evening Standard, The Guardian adding that GDP rose 0.2% month on month in September and Euronews that computer programming and consultancy helped drive growth as demand for AI and cloud computing rose, while Andy Burnham described the figures as 'welcome news', HuffPost UK reported.

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