UK avoids recession despite annual growth reaching decade low

Services sector behind 'strong July'

clock • 1 min read

UK economic growth slowed to 1% year-on-year in the third quarter, its lowest rate in almost a decade, according to the Office for National Statistics (ONS).

Gross domestic product (GDP) grew by 0.3% in the quarter from July to September, following a 0.2% fall in the second quarter of 2019. But the ONS data showed that when compared with the same quarter in 2018, GDP grew by 1% - the lowest rate of growth since the first quarter of 2010. The ONS attributed the steady growth in the quarter to "a strong July" led by the services sector, while construction also performed well, it said. An ONS statistician said: "Manufacturing failed to grow as falls in many industries were offset by car production bouncing back following April shutdowns. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Treasury Committee scrutinises chancellor on Spring Statement

Isabel Baxter
clock 02 April 2025 • 3 min read
Five key takeaways from the Spring Statement 2025

Five key takeaways from the Spring Statement 2025

OBR growth, ISA reforms and defence

Sorin Dojan
clock 27 March 2025 • 4 min read
Bank of England halts interest rate cuts amid ongoing inflation

Bank of England halts interest rate cuts amid ongoing inflation

As priced in by markets

Sorin Dojan
clock 20 March 2025 • 2 min read