Economy tracker: GDPContinue reading the main story Latest news:
The UK economy grew by 0.7% in the third quarter of 2014, according to figures from the Office for National Statistics.
The UK's gross domestic product (GDP) in the third quarter was 2.6% higher than in the same period a year earlier, the figures showed.Understanding GDP:
- Gross domestic product is a measure of a country's economic activity, including all the services and goods produced in a year
- It is based on a huge survey of businesses and government departments compiled by the Office for National Statistics
- An economy is generally considered to be in recession if it has contracted for two consecutive quarters
- The first figures for any quarter are known as the "flash estimate" as they are based on incomplete data. The figures are revised at least twice as more information is collected