By Jonathan Davies

The UK economy grew by 0.7% in the third quarter of 2014, the Office for National Statistics (ONS) has confirmed.

Initial estimates put the rise in GDP at 0.7%, but the second round of estimates by the ONS confirmed the growth.

It also means that the economy continued to grow by 3%, compared with the same period last year.

Jeremy Cook, chief economist at the currency exchange company, World First, said:

“Overall growth of 0.7% is still pretty strong, especially against yesterday’s German figure of a meagre 0.1% increase in output. Unfortunately it is the make-up of this growth that has given us some cause for concern.

“Seeing consumer spending increase at 0.8% - the highest number in four years — is all well and good. Consumer spending makes up around 70% of the UK economy, so without it we would be in dire straits.

“It is what’s missing that is the issue; exports were 0.4% lower on the quarter - surely a function of diminishing growth prospects in the UK’s major customer arenas - while government spending ran 1.1% higher — hardly a deficit neutral plan."

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