FXStreet (Mumbai) – Official data today confirmed Britain’s economy slowed in the three months to September. The Office for National Statistics (ONS) noted economy grew 0.5 per cent in the third quarter, slower than the 0.7 per cent growth recorded in the April-June quarter. Slowing global economy hurt UK’s trade leading to a fall in economic growth in the third quarter.
The economy grew 2.3 per cent higher than a year ago, down from 2.4 per cent in the second quarter. Today’s data showed the economy had slowed from last year’s 2.9 per cent rate. Britain’s pace of growth in the last fiscal had outdone those of other major advanced economies.
With import growing the maximum in 10 years in this quarter, trade cut off 1.5 per cent from growth in the third quarter. While in the second quarter trade had subtracted 1.4 per cent from total growth in. This slowdown in trade reflects a global economic slowdown led by emerging economies. Exporters on the other hand have been struggling with a rise in sterling.
(Market News Provided by FXstreet)