• GDP quarterly growth in Q3 2014 stayed at 0.7%
  • Annual GDP growth in Q3 is revised down markedly to 2.6%, compared to 3.0% in the earlier estimate
  • The UK current account deficit in Q3 2014 rose to 6.0%, an unsustainably high level
  • The trade deficit in real terms widened, as imports rose more than exports
  • Business investment fell by 1.4% in Q3, but is still 5.2% higher than a year ago

Commenting on the revised estimate of UK GDP, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said: 

“While the quarterly results remain strong, the stark revision in annual growth confirms that the pace of recovery is slowing. The most concerning aspect of these figures is that the current deficit has risen to an unsustainably high level – due to the fall in net investment. Although the economy continues to grow, the recovery is not yet secure and further efforts are needed to boost business investment and to help businesses export to foreign markets.”