The U.K.’s economy grew by 0.4 percent in the third quarter, up from 0.3 percent in the second quarter, according to government statistics released today.
The figure will help boost speculation that the Bank of England may look to raise interest rates at its monetary policy meeting next week.
GDP expanded 1.5 percent compared to a year earlier, the Office for National Statistics reported. Quarterly services growth was steady at 0.4 percent, and remains the strongest contributor to GDP growth, while manufacturing increased by 1 percent.
“Growth in the third quarter of 2017 continued at a similar rate as seen in the first half of the year. Services, led by increases in IT, motor trades and retail, continued to drive GDP growth. Manufacturing also boosted the economy with an improved performance after a weak second quarter,” said ONS Head of National Accounts Darren Morgan.