The U.K. economy grew at its fastest pace in five years in the third quarter after a rebound from one-off disruptions in the prior three months, the National Institute of Economic and Social Research said.
Gross domestic product rose 0.8 percent, compared with 0.1 percent in the quarter through August, Niesr, whose clients include the Bank of England, said in an e-mailed statement in London today. That’s the fastest expansion for a calendar quarter since the third quarter of 2007.
Underlying growth was weaker than suggested by the headline number, Niesr said. Stripping out distortions stemming from June’s extra public holiday for Queen Elizabeth II’s Diamond Jubilee, it measured the economy’s pace of expansion as closer to between 0.2 percent and 0.3 percent.
“The strength of the figure for the three months to September is largely an artefact of special events,” it said. “Economic growth is expected to be at a significantly slower pace in the coming quarters.”