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| UK GDP up 0.8% in third quarter | UK GDP up 0.8% in third quarter |
| (35 minutes later) | |
| UK economic output rose by 0.8% between July and September, official GDP figures show. | |
| The Office for National Statistics said there had been a "fairly strong" performance across all sectors. | The Office for National Statistics said there had been a "fairly strong" performance across all sectors. |
| The data builds on a 0.7% GDP rise in the April-June period and is the best quarterly performance since 2010. | |
| Chancellor of the Exchequer George Osborne tweeted: "This shows that Britain's hard work is paying off & the country is on the path to prosperity." | |
| The figures for construction were up 2.5% over the quarter, the second successive quarter of growth after a volatile performance over the past year. | The figures for construction were up 2.5% over the quarter, the second successive quarter of growth after a volatile performance over the past year. |
| The BBC's economics correspondent, Hugh Pym, said: "This could signal that a recovery in that sector is really under way." | The BBC's economics correspondent, Hugh Pym, said: "This could signal that a recovery in that sector is really under way." |
| House-builders have been buoyed by the Government's Help to Buy scheme, which recently launched a new phase offering mortgage guarantees. | |
| The ONS said that production grew by 0.5%, though this remains 12.8% off its 2008 level, while within this, manufacturing improved 0.9% in the third quarter. | |
| The services sector, which represents three-quarters of economic output, grew by 0.7% and is now 0.6% above its pre-crisis peak. | |
| Despite the figures, the Institute of Directors remained cautious because of what it called "strong headwinds". | |
| Friday's figure is the first estimate, and could be revised up or down in subsequent months. | |
| Despite the further evidence that recovery is gaining hold, some economists remain cautious. | |
| The Institute of Directors' chief economist Graeme Leach said: "The outlook looks better than at any time since the onset of the financial crisis. Indeed, our members have more confidence in the economy than at any time since 2008. | |
| "However, strong headwinds remain and the annual growth rate year on year is nothing to get too excited about yet. Though inflationary pressures are likely to remain benign, debt and inflation are rising faster than earnings. | |
| 'More to be done' | |
| "By far the biggest challenges remain on the supply side, not the demand side. Supply side constraints mean that the current growth spurt is unlikely to extend beyond next year. | |
| "This stage of our economic recovery is likely to be short and sweet, instead of long and strong." | |
| And the director-general of the British Chambers of Commerce, John Longworth, said: | |
| "This is the highest quarterly increase we've seen in three years, so the economy is clearly moving in the right direction. | |
| "But we are still behind a number of advanced economies, such as the US and Germany, that have managed to recover the output lost during the economic downturn. | |
| "Much more needs to be done to transform our economy from being good to being really great." |