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UK's economy experiences mixed growth trends
(MENAFN) The Economy of the United Kingdom sees a year-on-year expansion of 0.9 percent during the third quarter, which falls short of market forecasts that anticipated a 1 percent increase.
On a quarter-by-quarter basis, the British economy remains stagnant, recording no measurable growth, contrary to market expectations of a modest 0.1 percent rise, as detailed by the Office for National Statistics (ONS) on Monday.
The services sector fails to demonstrate any growth in this period. In contrast, the construction sector registers a 0.7 percent increase. However, this positive movement is counterbalanced by a 0.4 percent decline in the production sector.
Data regarding real disposable income per person for households indicate no improvement during the third quarter.
The household saving ratio is estimated at 10.1 percent for the third quarter, reflecting a slight decrease from 10.3 percent observed in the preceding quarter.
Looking back, the UK economy recorded annual growth rates of 0.7 percent in the second quarter and 0.3 percent in the first quarter of 2024.
On a quarter-by-quarter basis, the British economy remains stagnant, recording no measurable growth, contrary to market expectations of a modest 0.1 percent rise, as detailed by the Office for National Statistics (ONS) on Monday.
The services sector fails to demonstrate any growth in this period. In contrast, the construction sector registers a 0.7 percent increase. However, this positive movement is counterbalanced by a 0.4 percent decline in the production sector.
Data regarding real disposable income per person for households indicate no improvement during the third quarter.
The household saving ratio is estimated at 10.1 percent for the third quarter, reflecting a slight decrease from 10.3 percent observed in the preceding quarter.
Looking back, the UK economy recorded annual growth rates of 0.7 percent in the second quarter and 0.3 percent in the first quarter of 2024.
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