GDP Growth 0.5% in Q3

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Q3 '15 GDP Growth: 0.5%

Average Prediction: 0.7%

Number of Correct Forecasts: 61/462

Weakest Yen to Dollar Rate: 126 (7th Jun)

Competition Progress: 92.3% complete

GDP growth in the third quarter of the year was lower than widely expected, at just 0.5% quarter-on-quarter. Once again, general growth was held back by a shrinking manufacturing sector, while services and "mining and quarrying" (largely oil and gas extraction) grew strongly.

The average forecast from the Clash of the Titans competitors was 0.7% this quarter (not far off the 0.6% expected by economists before this morning's announcement), with 61 entries getting this figure exactly right and 40% of all entries falling between 0.4% and 0.6%. Oxford's Kate Barker was the only one of the three Titans to correctly predict this quarter's growth rate (as she did with last quarter's GDP growth as well), but this was only good enough to slightly close the gap between herself in third and John Llewellyn in second place. Michael McMahon remains in the lead, and with only two further updates before the final standings are announced, it looks like LSE are set to win the competition for their second time.

The two remaining updates are Q3 unemployment and average earnings growth, both of which will be announced on 11th November, so keep an eye on the ERC website on that day to find out who the official winners will be.  If you're interested in finding out more about the forecasts, tickets are currently on sale for this year's forecasting event on the 2nd December.  For more information and to book your place, please click here.

Click here for a summary of the results so far, or here for the full standings.