Britain’s economy recorded modest growth of 0.1% during the July–September period, according to figures released on Monday by the Office for National Statistics. The result matched the initial estimate and confirmed expectations that the data would remain unchanged.
Economists surveyed by Reuters had anticipated no revision to the gross domestic product figures, a forecast that proved accurate.
At the same time, the ONS revised second-quarter growth lower, adjusting it to 0.2% from an earlier estimate of 0.3%. This revision highlights the continued fragility of economic momentum in the UK.
Last week, the Bank of England warned that it expects zero GDP growth in the October–December period. However, policymakers said the underlying trend of economic expansion is still estimated at around 0.2% per quarter.
Data released on Monday also showed that Britain’s GDP in the third quarter was 1.3% higher than a year earlier, unchanged from the initial estimate. On a per capita basis, output rose by 0.9% compared with the same period last year.
In addition, the UK’s current account deficit narrowed significantly. In the three months to the end of September, the deficit stood at £12.1 billion, well below the £21.1 billion forecast by economists. This figure was equivalent to 1.6% of GDP, down from 2.8% in the second quarter.
