UK economy growth slows in 3Q
A new report says the UK economy's growth slowed more than expected in the third quarter of the year.
The report by the Office for National Statistics (ONS) also reveals that gross domestic product grew by 0.5% between July and September down from 0.7% in the second quarter.
The rate is even lower than the 0.6% growth predicted by many analysts.
According to the ONS, the slowdown was partly due to the biggest fall in construction output in three years, a drop of 2.2%.
“The drop in construction output could have been influenced by particularly wet weather in August,” the ONS said.
The service sector, the biggest part of the economy, grew by 0.7% but output in the manufacturing sector declined by 0.3%.
Analysts say the UK is not immune to the Chinese-led worldwide deceleration and as things stand, the growth in the fourth quarter of the year will soften again.
Media reports say, this is the first estimate of economic growth for the July-to-September period and makes use of only half the data which will be used for the final estimate. Earlier, Chancellor George Osborne said there were more "tough decisions" to come and that his Autumn Statement, due on 25 November, would include "long-term investments for the future".
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