Economic Indicators, December 2013

GDP grew by 0.8% in Q3 2013 compared with the previous quarter, following growth of 0.7% in Q2 and 0.4% growth in Q1. GDP remains 2.5% below its peak in Q1 2008.

Employment grew by 177,000 (to 29.95 million) and unemployment fell by 48,000 (to 2.47 million) in July-September 2013.

GDP growth, strong labour market figures, growth in service sector output and other positive economic news have raised the probability of positive revisions to the OBR’s growth and borrowing forecasts, due to be published alongside the Autumn Statement on Thursday 5 December.

Further information on the Statement can be found in the House of Commons Library note ‘Autumn Statement 2013: background briefing.’