UK economy did not grow in the third quarter

In the UK, the economy remained flat in the third quarter of 2023, with the 0.1 percent contraction in the service sector and the 0.1 percent growth in the construction sector balancing each other.

According to data announced by the United Kingdom Office for National Statistics (ONS), EnglandFollowing the 0.2 percent growth in the second quarter, Gross Domestic Product (GDP) remained unchanged in the third quarter. The expectation was that the economy would contract by 0.1 percent in the third quarter.

The economy grew by 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 flat in the third quarter, with the 0.1 percent contraction in the service sector and the 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 by 0.2 percent in September. In August, this rate was 0.1 percent.

THE SERVICE SECTOR SHROWN

In his assessment of the data, ONS Director of Economic Statistics Darren Morgan stated that the economy remained flat in the third quarter and that there was a contraction in the service sector, especially in areas such as healthcare and management consultancy.

Stating that there was limited growth in vehicle sales, manufacturing industry and construction sectors, Morgan said, “The 0.2 percent growth in September film Its construction resulted from activity in the fields of health and education. This growth was offset by contraction in areas such as retail and computer programming.” made his assessment.

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