London: Britain´s Brexit-facing economy avoided entering recession in the third quarter with growth of 0.3 percent, official data showed on Monday.Gross domestic product rebounded in the July-September period after a 0.2-percent contraction in the second quarter, the Office for National Statistics (ONS) said in an initial estimate. The technical definition of a recession is two straight quarters of negative growth.Economic activity was propelled largely by the construction and services sectors, while the production sector was flat.”GDP grew steadily in the third quarter, mainly thanks to a strong July,” said an ONS spokesman.”Services again led the way with construction also performing well.”Manufacturing failed to grow as falls in most industries were offset by car production bouncing back,” he added.The third-quarter performance however fell short of market expectations and the Bank of England´s growth forecast — which had both stood at 0.4 percent.And despite rebounding growth, the ONS pointed to “signs” of a slowdown, as Britain readies to leave the European Union on January 31.”The underlying momentum in the UK economy shows some signs of slowing,” it added.On an annual comparison, British GDP grew by 1.0 percent in the third quarter from a year earlier — the weakest reading since the first… Read full this story
- Global economy dodges recession by narrowest of margins: Kemp
- Chancellor's looser finance targets highlight weaker UK economy
- Low productivity, an enduring and growing drag on the UK economy
- Publicly funded arts bolster the UK economy, study finds
- Business leaders warn Labour's election plans 'would crack foundations of the UK economy'
- Germany narrowly avoids recession but growth fragile
- UK economy £100bn smaller because of austerity – thinktank
- Hong Kong economy faces recession as anti-China protests take their toll
- O'Rourke: Trump driving global, U.S. economy into recession
- ESCAP: Vietnam’s economy forecast to maintain strong growth
- Labour would rewrite rules of UK economy, says John McDonnell
- Groupon’s Quarterly Growth Slows To 9 Percent, But Operating Losses Cut To Almost Zero
UK economy avoids recession with 0.3pc quarterly growth have 328 words, post on www.thenews.com.pk at November 11, 2019. This is cached page on Konitono Blog. If you want remove this page, please contact us.