Britain’s economy slowed in the third quarter of this year, according to a survey by the British Chambers of Commerce (BCC), which could raise concerns for the U.K.’s future economic growth rate.
The business lobby group’s Quarterly Economic Survey, contributed to by nearly 8,000 businesses, showed that manufacturing and export balances had fallen in the third quarter.
“The strong upsurge in U.K. manufacturing at the start of the year appears to have run its course.” John Longworth, Director General of the BCC said in a statement. “We may be hearing the first alarm bell for the U.K. economy, but this not need be the case.”
Two manufacturing measures – domestic sales and domestic orders – fell steeply during the quarter. However, in the previous quarter, three manufacturing measures had posted all-time highs. For exports, all balances – which includes manufacturing export sales and manufacturing service sales — fell in the third quarter.
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