Economic growth slows to 01 between July and September

UK economic growth slowed between July and September relative to the previous quarter, according to official data.

The UK economy grew by 0.1% over the period, versus 0.5% growth between April and June, the Office for National Statistics (ONS) said.

The estimate was behind economist predictions of 0.2% and comes as a blow to Chancellor Rachel Reeves who unveiled a rise in business taxes in Labour’s first Budget in Government last month.

Liz McKeown, ONS director of economic statistics, said: “The economy grew a little in the latest quarter overall as the recent slowdown in growth continued.

“Retail and new construction work both performed well, partially offset by falls in telecommunications and wholesale. Generally, growth was subdued across most industries in the latest quarter.

“In September the economy shrank a little. Services showed no growth with a notable increase in car sales offset by a slow month for IT companies.

“Production fell overall, driven by manufacturing, though there was an increase in oil and gas extraction.”

Published: 15/11/2024 by Radio NewsHub