UK Economy 'May Have Grown By Up To 1%'

Official statistics released later are expected to show that the UK economy grew by up to 1% in the three months to September.

Investec's Philip Shaw forecasts 0.8% growth for the third quarter but said it was "not impossible" that it could be closer to 1%.

Samuel Tombs, an economist at Capital Economics added: "GDP looks on track to have grown at a healthy rate."

Growth of around 0.8% or higher would be the strongest for three years and be the first time the economy has expanded for three successive quarters since 2011.

The UK economy expanded 0.7% month on month in the second quarter of this year, the fastest rate since 2010.

The National Institute of Economic and Social Research predicted that output has grown by 0.8%.

This is higher than official forecasts by the Bank of England and the Office of Budget Responsibility, which have predicted growth rates of 0.5% and 0.3% respectively.

Official word on the UK's economic performance comes from the Office for National Statistics. The figure will then be revised at a later date.

The housing market recovery is seen as a driving force behind the rising economic output.

The IMF now expects the economy to grow by 1.4% this year – double the rate it was forecasting in April.

:: Watch live coverage of the third quarter GDP results on Sky News at 9.30am.

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