UK growth slowest in almost a decade, says ONS

November 11, 2019 by No Comments

[ad_1]

A street crowd in EdinburghImage copyright
Getty Images

The UK economy has avoided sinking into recession by growing 0.3% in the three months to the end of September.

The expansion comes after the economy shrank in the second quarter for the first time since 2012.

Two quarters of contraction would have signalled a recession, although the Office for National Statistics said growth slowed to its lowest rate in almost a decade.

The third-quarter growth of 0.3% is lower than the forecast for 0.4%.

A statistician at the ONS said: “GDP grew steadily in the third quarter, mainly thanks to a strong July.

“Services again led the way, with construction also performing well. Manufacturing failed to grow as falls in many industries were offset by car production bouncing back following April shutdowns.

“Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade.

The underlying trade deficit narrowed, mainly due to growing exports of both goods and services.”

[ad_2]