The UK economy registered a meager growth as initially estimated in the third quarter, the Office for National Statistics said on Monday.
Gross domestic product grew by unrevised 0.1 percent sequentially, following the second quarter’s 0.2 percent expansion.
The growth was driven by increases in services and construction, while industrial output contracted.
The dominant service sector advanced 0.2 percent, following a growth of 0.3 percent a quarter ago. Construction output also expanded 0.2 percent after rising 1.2 percent in the preceding period.
Industrial production fell 0.3 percent but slower than a 0.7 percent fall in the previous quarter. The monthly fall was mainly because of a drop of 0.8 percent in manufacturing and a 0.4 percent fall in mining and quarrying.
The expenditure-side of GDP showed that household spending moved up 0.3 percent and government consumption climbed 0.4 percent.
At the same time, gross fixed capital formation logged a robust growth of 1.3 percent. Within gross fixed capital formation, business investment climbed 1.5 percent, which was revised up from the first estimate fall of 0.3 percent.
The trade deficit for goods and services was estimated at 0.8 percent of nominal GDP in the third quarter, revised down from the first estimate of 0.6 percent.
On a yearly basis, GDP expanded 1.3 percent in the third quarter, unchanged from the initial estimate.
Last week, the Bank of England reduced its benchmark rate by a quarter-point to 3.75 percent. Headline GDP is projected to post zero growth in the fourth quarter.
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