Gross Domestic Product (GDP) contracted by 0.6 per cent in the third quarter of 2008, revised down from the previous estimate of 0.5 per cent and down from 0.0 per cent in the second quarter of 2008. The level of GDP in the third quarter of 2008 is now 0.3 per cent higher than the third quarter of 2007.
Output of the production industries fell 1.4 per cent compared with a fall of 0.9 per cent in the previous quarter, mainly due to declining manufacturing output.
Output in the service industries fell by 0.5 per cent in the third quarter, down from 0.2 per cent growth recorded in the previous quarter. There was significantly weaker growth in a number of the main service industries, in particular distribution and business services.
Household expenditure fell 0.2 per cent, unrevised from the previous estimate. Household expenditure is now 0.7 per cent higher than the third quarter of 2007.
Government final consumption expenditure rose by 0.6 per cent and is now 3.6 per cent higher than the third quarter of 2007.
Gross fixed capital formation fell 2.8 per cent and is now 5.3 per cent lower than the third quarter of 2007.
The trade deficit in real terms increased from £9.8 billion in the second quarter of 2008 to £10.4 billion in the third quarter of 2008. Growth in exports of goods and services was 0.3 per cent while imports were up 1.0 per cent.
The GDP expenditure deflator rose by 2.0 per cent compared with the third quarter of 2007, down from 2.3 per cent in the previous quarter.
Compensation of employees, measured at current prices, rose by 0.5 per cent and is now 3.1 per cent above the level seen in the third quarter of 2007.
Total gross operating surplus of corporations rose by 1.1 per cent and is now 4.2 per cent higher than the third quarter of 2007.
Notes: Unless otherwise specified:
Growth refers to a comparison of output in the latest quarter compared with the previous quarter. This is referred to as quarterly growth.
Annual growth refers to a comparison of output in the latest calendar year in comparison with the previous year.
Figures are in chained volume or real terms ie they have been adjusted to remove the effects of price change.
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