UK economic growth slowed in the three months to September, with the economy expanding by 0.7%, the Office for National Statistics said.
The figure was weaker than the 0.9% expansion recorded for the second quarter.
Economists had correctly predicted that the economy would expand by 0.7% in the July-to-September period.
Gross domestic product (GDP) was 3% higher in the three months than the same period in 2013.
The third quarter figure will raise concerns that the recovery will fall victim to the slowdown affecting the eurozone.
However, the UK still looked set to be the fastest-growing advanced economy this year.
Chancellor George Osborne said that growth in manufacturing and construction as well as services was very encouraging. “The UK is leading the pack in an increasingly uncertain global economy,” he added.
Shadow Chancellor Ed Balls said that the GDP figures revealed a concerning slowdown in economic growth. “Most people are still not feeling the recovery,” he said.
via BBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.