US EditionUK economy slowed to show 0.1% growth in third quarter, ONS says
- On Monday , the Office for National Statistics said Britain’s economy grew by 0.1% in the July-to-September quarter, with the Q3 figure unrevised.
- Manufacturing weakness, led by vehicle output, showed growth slowed due to production falls including a marked drop in car manufacturing after a Jaguar Land Rover cyberattack knocked activity.
- Revisions reveal that Britain’s current account deficit was 21.1 billion pounds in the three months to September, smaller than a forecast of 21.1 billion pounds and 1.6% of GDP.
- Households face a 0.8% drop in income driven by a £6 billion tax rise, while the household savings ratio fell to 9.5%, its lowest since Q2 2024.
- Last week the Bank of England cut the bank base rate from 4% to 3.75% and expected zero GDP growth in the October-to-December period with an underlying pace around 0.2% per quarter.
25 Articles
25 Articles
UK GDP: Third-quarter growth confirmed at 0.1% but where now for interest rates?
“The UK growth story isn’t exactly a page turner and the latest revisions by the ONS describe an economy struggling to trudge through difficult conditions” – Danni Hewson, AJ Bell
Evening Standard
UK economic slowdown in third quarter confirmed – ONS
The ONS said growth slowed to 0.1% in the third quarter from a downwardly revised 0.2% in the three months to June.
UK consumers feel the pinch from tax increases as economy slows
British households saved less in the July-to-September period of this year as they felt the hit from higher taxes but still increased their spending, according to official data which confirmed a slowdown in the broader economy.
Times of India
UK economy slowed to show 0.1% growth in third quarter, ONS says
In the July to September quarter, Britain's economy experienced a slight increase of 0.1%, consistent with earlier forecasts. However, previous growth rates were adjusted downward. Looking ahead, the Bank of England predicts stagnation in GDP growth for the upcoming October to December period, although a marginal underlying economic growth of approximately 0.2% each quarter is anticipated.
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