Tuesday, 02 January 2024 12:17 GMT

UK economy grows slightly, misses forecasts


(MENAFN) The UK economy grew by 0.1% in the third quarter of the year, missing market forecasts, according to official figures released Thursday. Analysts had anticipated growth of 0.2% for the July–September period. The modest expansion followed a 0.3% increase in the previous quarter.

On an annual basis, gross domestic product (GDP) rose 1.1% in Q3, also below expectations, the Office for National Statistics (ONS) reported.

The ONS noted that growth was supported by a 0.2% rise in services output and a 0.1% increase in construction, while the production sector declined 0.5%.

For September alone, GDP contracted 0.1% month-on-month but was 1.1% higher than in the same month last year.

“Most notably, production output fell by 2.0% in September 2025, mainly because of a 28.6% decline in the manufacture of motor vehicles, trailers and semi-trailers, which detracted 0.17 percentage points from monthly GDP,” the ONS said.

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