UK GDP confirmed at 0.5% for third quarter

The UK economy grew by 0.5% in the third quarter, the Office for National Statistics confirmed today in its second official estimate.

Earlier this month the ONS' first estimate of economic growth also came in at 0.5% for Q3, ahead of expectations.

Many commentators had predicted it would fall when revisions were made. However, markets were pricing in no change to the initial estimate.

The services industry, the UK's most dominant sector, supplied the lion's share of the growth, the ONS said.

UK gross domestic product increased by 0.5% in volume terms in the third quarter of 2011.

The ONS said output of the production industries rose by 0.4%, within which manufacturing rose 0.2%.

Output of the service industries also increased by 0.6%, although output of the construction industry fell by 0.2% amid falling demand.