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Tuesday, October 27, 2015

UK Economic growth slows to 0.5% in third quarter- ONS

construction
Gross domestic product grew by 0.5% between July and September, the Office for National Statistics (ONS) said, down from 0.7% in the second quarter.

The rate was also lower than the 0.6% growth predicted by many analysts.
Part of the slowdown was due to the biggest fall in construction output in three years, a drop of 2.2%.

The service sector, the biggest part of the economy, grew by 0.7%.
However, output in the manufacturing sector declined by 0.3%.

"The slowdown is being led by the manufacturing sector, which is seeing a renewed recession as output has now fallen for three consecutive quarters, suffering a 0.3% decline in the three months to September," said Chris Williamson, chief economist at research firm Markit.
"Manufacturing output has so far fallen 0.9% this year. Producers are struggling as weak demand in many overseas markets
, notably China and other emerging nations, is being exacerbated by the appreciation of sterling."

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