UK economy slumps to lowest rate in 10 years - 0.3% growth in third quarter

The United Kingdom officially avoided entering into recession after the economy grew by 0.3 per cent in the third quarter of 2019, according to the Office of National Statistics (ONS).

Monday, 11th November 2019, 10:04 am
The UK economy grew by 0.3% in the third quarter of 2019.

The economy was boosted by strong strong growth within the services industry and there was also good news for construction.

"Gross Domestic Product (GDP) grew steadily in the third quarter, mainly thanks to a strong July," said a spokesperson for the ONS.

"Services again led the way, with construction also performing well.

Sign up to our daily newsletter

The i newsletter cut through the noise

"Manufacturing failed to grow as falls in many industries were offset by car production bouncing back following April shutdowns."

The spokesperson added: "Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade.

"The underlying trade deficit narrowed, mainly due to growing exports of both goods and services."