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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/export-recovery-drives-growth-rate.jpg"><img class="alignnone size-full" title="An export-led recovery between July and September drove GDP growth, figures showed" src="http://londonglossy.com/wp-content/uploads/2010/11/min-export-recovery-drives-growth-rate.jpg" alt="An export-led recovery between July and September drove GDP growth, figures showed" /></a></p>
<p>An export-led recovery between July and September drove the country&#8217;s overall growth rate of 0.8% in the quarter, official figures have shown.</p>
<p>While the latest estimate of GDP growth in the third quarter was left unchanged by the Office for National Statistics (ONS), Wednesday&#8217;s release contained new information on the performance of the UK economy.</p>
<p>The ONS revealed that the contribution to economic growth from household spending declined to 0.3% in the third quarter from 0.7%, while exports had a significant impact on the country&#8217;s growth rate.</p>
<p>The deficit in net trade decreased to £9.7 billion in the third quarter, from £10.9 billion in the second quarter, as exports rose faster than imports.</p>
<p>A lift in exports will be welcomed by the Bank of England, which views trade with other nations as key to a sustained recovery in the UK. But economists have warned a decline in consumer spending will act as a serious headwind to recovery as the impact of Chancellor George Osborne&#8217;s deficit-busting spending cuts is fully realised in the coming months.</p>
<p>Howard Archer, chief UK economist at IHS Global Insight, said he expected growth to moderate to 0.5% in the current quarter.</p>
<p>He added: &#8220;We assume that there will be a limited boost to growth in the fourth quarter from some consumer spending being brought forward &#8211; particularly on big-ticket items &#8211; ahead of January&#8217;s VAT rise. This would result in overall GDP growth of 1.8% in 2010.&#8221;</p>
<p>Wednesday&#8217;s unrevised 0.8% figure represents a slowdown from 1.2% in the second quarter but is still better than had been expected in the summer.</p>
<p>Growth in the construction sector, which saw the biggest jump in output in the third quarter, came in at 4%. However, this takes into account a bounce-back from bad weather at the start of the year, when many projects were put on hold.</p>
<p>The services sector, which makes up more than 75% of the country&#8217;s total output, grew at an unrevised 0.6%, which is flat on the previous quarter.</p>
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