UK progress slowest in nearly a decade, says ONS

A street crowd in EdinburghPicture copyright
Getty Photos

The UK financial system has averted sinking into recession by rising zero.three% within the three months to the top of September.

The enlargement comes after the financial system shrank within the second quarter for the primary time since 2012.

Two quarters of contraction would have signalled a recession, though the Workplace for Nationwide Statistics stated progress slowed to its lowest fee in nearly a decade.

The third-quarter progress of zero.three% is decrease than the forecast for zero.four%.

A statistician on the ONS stated: “GDP grew steadily within the third quarter, primarily due to a robust July.

“Providers once more led the way in which, with building additionally performing nicely. Manufacturing didn’t develop as falls in lots of industries have been offset by automobile manufacturing bouncing again following April shutdowns.

“Trying on the image during the last yr, progress slowed to its lowest fee in nearly a decade.

The underlying commerce deficit narrowed, primarily because of rising exports of each items and companies.”