The UK economy did not grow in the third quarter

According to data announced by the United Kingdom’s Office for National Statistics (ONS), the Gross Domestic Product (GDP) remained unchanged in the third quarter, following a growth of 0.2 percent in the second quarter. The economy was expected to contract 0.1 percent in the third quarter.

The economy grew 0.6 percent in the third quarter of this year compared to the same period last year. The British economy contracted by 0.1 percent in the third quarter of 2022.

The economy remained stable in the third quarter, with the 0.1 percent contraction in the services sector and 0.1 percent growth in the construction sector balancing each other. This was recorded as the economy’s weakest quarterly performance this year.

On a monthly basis, the British economy grew 0.2 percent in September. In August, this rate was 0.1 percent.

THE MISSING SERVICES SECTOR

In his assessment of the data, ONS director of economic statistics Darren Morgan said the economy remained stable in the third quarter and there was a contraction in the services sector, especially in areas such as healthcare and management consulting.

Morgan stated that there was limited growth in vehicle sales, the manufacturing industry and the construction sectors: “The 0.2 percent growth in September was due to activity in the fields of film production, health and education. This growth was offset by contraction in areas such as retail trade and computer programming.” he made the assessment of it.

Finance Minister Jeremy Hunt also pointed to high inflation as the biggest obstacle to growth and said the best way to grow the economy sustainably is to “stick to the plan and get inflation out of the system”. (AA)