Summary

  • The latest figures on how the UK economy is performing will be published at 07:00 GMT

  • We'll get the July-September growth figure for the UK's gross domestic product (GDP) - that's a measure of all the economic activity of companies, governments, and people

  • Figures for the second quarter of the year, from April to June, showed the figure grew by 0.5%

  • Why is GDP important? A growing economy usually means people are spending more - meaning more jobs, and more tax revenue for the government

Live Reporting

Edited by Caitlin Doherty and Owen Amos

  1. Analysis

    Economists have been scrambling to revise up expectations

    Faisal Islam
    Economics editor

    Shoppers on Oxford Street over the summerGetty Images

    The numbers could point to a more resilient consumer than expected over the summer

    This is an important moment for the UK economy.

    The summers have been cruel for economic growth since the pandemic, with derisory growth every year in the third quarter (from July to September) averaging less than 0.1%.

    However in recent days economists, including at the Bank of England, have been scrambling to revise up expectations to a healthy 0.6-0.7%. This has happened every quarter this year, just before the data is published.

    The actual number depends on what happened in September and if there are any revisions to previous months. If delivered, this would break a pattern of strong starts to years that then peter out.

    The figures could also point to a major role for AI and tech investment, and a more far more resilient consumer economy than expected over the summer.

    The idea that the UK economy would be hardest hit by the Iran war could be rather disproved by these numbers, and could also point to whether the UK is at or near the top of the G7 table.

    Clearly the biggest impacts from energy prices and rising interest rates will weigh on the economy in the current final quarter.

    These will not be boom time numbers, but perhaps a return to the pre-financial crisis norm. There will be much to unpack, however, in the figures about to be released.

  2. Remind me, what is GDP?

    Michael Race
    Business and economics reporter

    Card being used to make a contactless paymentPress Association

    GDP stands for gross domestic product, which is the main measure used to determine the size and health of a country's economy.

    It includes all the economic activity of companies, governments, and people.

    GDP figures are released every month, but the quarterly figures are taken more seriously as they show how an economy is performing over a longer period of time - and that is what we will get today.

    While a lot is made of GDP figures, they do not paint the full picture of what is going on in the economy.

    There are some critics of the measure, but it is the standard across the world.

  3. Latest data on size of UK's economy to be released

    Katie Williams
    Live reporter

    The latest figures showing how much the UK economy is estimated to have grown in the third quarter of the year - the period spanning July to September - are about to be released.

    The Office for National Statistics (ONS) will reveal the Gross Domestic Product (GDP) figures at 07:00 GMT.

    Most economists, politicians and businesses like to see GDP rising steadily - it means the economy is growing.

    In the January-to-March quarter the UK economy grew by 0.6%, while in the second quarter of the year it grew 0.5%.

    The latest monthly figure, for August, showed growth of 0.1%, which was stronger than expected as most analysts had predicted a slight contraction.

    Economists will be looking to this growth figure as an indicator of how well the UK is weathering the energy shock from the US-Israel war with Iran.

    Stick with us as we bring you all the latest updates and analysis.