News

UK economic growth revised down to quarterly 0.4 per cent in Q3

LONDON – Britain’s economy grew by less than previously thought during the third quarter.

Official figures show that Britain’s economy grew by 0.4 per cent in the third quarter of the year from the previous three-month period. That was down from the previous estimate of 0.5 per cent.

The Office for National Statistics blamed a weaker performance from the services sector for the downward revision. It also revised down its second-quarter estimate from 0.7 per cent to 0.5 per cent.

The consensus in the markets was for no change in the previous estimates.

Despite the downward revisions, Britain’s economy remains one of the best-performing in the developed world. It’s now expanded for 11 quarters in a row.

The Treasury said Britain’s economy remained strong although Wednesday’s figures highlighted that risks remain.