UK: GDP growth of 0.4% in third quarter of 2017 - NIESR

"Our monthly estimates of GDP suggest that output grew by 0.4 per cent in the third quarter of this year, a slight increase in comparison with the second quarter when the economy expanded by 0.3 per cent," National Institute of Economic and Social Research of the UK announced on Monday.

Key quotes:

• Although growth has nudged higher, the UK economy continues to lag behind other major industrial economies such as the Euro Area and US. 
• Looking ahead, we expect the pattern of demand in the UK economy to rebalance towards international trade in response to strengthening global growth and weaker sterling and away from domestic demand. 
• At the time of the August forecast, we had not expected Bank Rate to be changed before February 2018, but recent comments from the Bank of England point to a rate increase as early as next month.
• If forthcoming data releases show that CPI inflation has risen again and the labour market remains buoyant, there is a strong chance that the Bank of England will raise the policy rate in November.