UK economy decelerates as construction, manufacturing plunge
October 28, 2015 8:20 am
The UK economic growth slowed in the third quarter, affected by lower construction and manufacturing activity, as well as global economic woes.
Based on the Office for National Statistics’ initial projection, gross domestic product gained 0.5% after a 0.7% growth in the second quarter.
The services sector recorded a 0.7% growth, but was partially offset by a 2.2% fall in building output. Manufacture slipped by 0.3%, but mining and quarrying activity climbed 2.4%.
We have seen the signs for quite a long time. The British economy “has been losing momentum,” said Ben Brettell, Economist at Hargreaves Lansdown.
Responding to economic data, finance minister George Osborne warned of more tough decisions ahead to keep the United Kingdom on course. The material has been provided by InstaForex Company – www.instaforex.com
The UK economic growth slowed in the third quarter, affected by lower construction and manufacturing activity, as well as global economic woes.
Based on the Office for National Statistics’ initial projection, gross domestic product gained 0.5% after a 0.7% growth in the second quarter.
The services sector recorded a 0.7% growth, but was partially offset by a 2.2% fall in building output. Manufacture slipped by 0.3%, but mining and quarrying activity climbed 2.4%.
We have seen the signs for quite a long time. The British economy “has been losing momentum,” said Ben Brettell, Economist at Hargreaves Lansdown.
Responding to economic data, finance minister George Osborne warned of more tough decisions ahead to keep the United Kingdom on course.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: