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UK Final GDP Revised To +16.0% Q/Q

UK DATA
MNI (London)

Q3 GDP +16.0% Q/Q; -8.6% Y/Y, PRELIM +15.5% Q/Q, -9.6% Y/Y; Q2 -18.8% Q/Q

Q3 BUSINESS INV +9.4% Q/Q, -11.3%Y/Y; Q2 -22.8% QQ, -23.8%YY

Q3 CONSUMER SPENDING +19.5%% Q/Q, -10.1% Y/Y; Q2 -22.2% QQ, +24.7%YY

Q3 GOVT SPENDING +10.4% Q/Q, -8.8% Y/Y; Q2 -14.5% QQ, -18.1%YY

The second estimate of UK Q3 GDP was revised up to 16.0% q/q from the previously reported uptick of 15.5% an up from Q2's revised drop of 18.8%. The annual rate was revised up to -8.6% in Q3. However, the level of GDP is still 8.6% lower than where it was at the end of 2019. Both household and government spending came in stronger than markets expected and were revised up from flash estimates. Household spending was up 19.5% after dropping 22.2% in Q2 but remains 9.8% below the pre-crisis level. Government expenditure rose 10.4% in Q3, up from -10.4% seen in Q2 and 8.8% below Feb's level. The household savings rate decreased to 16.9% in Q3 compared to 27.4% recorded in Q2. Morevover, the UK's current account deficit excluding non-monetary gold and precious metals registered at GBP15.6bn in Q3, or 2.9% of GDP.

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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