# UK economy grows by 0.7% in third quarter despite high oil prices

- URL: https://talkfuse.com/story/uk-economy-grows-by-0-7-in-third-quarter-despite-high-oil-prices/
- Published: 2026-11-12T07:07:36+00:00
- Updated: 2026-11-12T07:21:41+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/business/2026/nov/12/uk-economy-grows-third-quarter-oil-price-ons-gdp
- Topics: Business, Economy, UK, World

## Key points

- GDP grew 0.7% in the third quarter.
- September growth was 0.2%, above expectations.
- High energy costs and inflation remain concerns.

## Summary

The UK economy grew by 0.7% in the third quarter, as households and businesses proved resilient despite a sharp rise in oil and gas prices. Growth in September was stronger than economists had expected, offering a boost to Chancellor John Healey, although the figures show energy costs had weighed on expansion.

The Office for National Statistics said monthly GDP rose 0.2% in September, while August growth was revised down from 0.1% to zero. Oil exceeded $100 a barrel in September, and natural gas prices were about three times their February level; petrol in the UK rose above £1.70 a litre and diesel approached £2. The Office for Budget Responsibility had forecast 1.2% growth for the year, while the Bank of England recently raised interest rates by a quarter-point to 4% to curb inflation.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.