UK economy stagnates after no growth in latest quarter

The UK economy stagnated over the latest quarter but surpassed the expectations of economists, according to official figures.

Gross domestic product (GDP) – which measures the value of goods and services produced – showed no growth in the three months from July to September, the Office for National Statistics said.

It came as the statistics body also reported 0.2% growth in the economy for the month of September, amid a boost from the film production, health and education industries.

Analysts had predicted a 0.2% fall for the quarter and a flat reading for September.

ONS director of economic statistics Darren Morgan said: “The economy is estimated to have shown no growth in the third quarter.

“Services dropped a little with falls in health, management consultancy and commercial property rentals.

“These were partially offset by growth in engineering, car sales and machinery leasing.”

Published: 10/11/2023 by Radio NewsHub