UK GDP Grows 0.1 Percent -- Report
Date
11/15/2024 9:07:55 AM
(MENAFN- Kuwait News Agency (KUNA))
LONDON, Nov 15 (KUNA) -- The UK gross domestic product (GDP) grew 0.1 percent in Q3 of the current year, contrary to forecast that it would grow much greater.
The Office for National Statistics said in a report, released on Friday, that the bearish trend was largely attributed to decline of the services sector that constitutes three quarters of the domestic economy. Comparably, the growth was recorded at 0.8 percent in the year's Q2.
The growth has also shrunken due to contraction of the industrial production, 0.2 percent, while construction posted a 0.8 growth.
In a separate report, the office showed rise of the balance trade deficit, in the year's Q3, by 1.5 billion sterling pounds (USD 1.9 billion), reaching 11.4 billion sterling pounds (3.8 billion USD).
As to the value of exports, it dropped in September by 3.4 billion sterling pounds (USD 4.3 billion), while the value of the imports in the same month declined by three billion sterling pounds (USD 3.8 billion).
The UK economy, in the Q2 of the year, posted a 0.6 percent growth, buoyed by positive performance of the services sector that grew 0.8 percent in this period. (end)
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