Frances Ball 11 Nov 2019 11:16am

UK growth slows to lowest rate in a decade, says ONS

Year-on-year GDP slowed to 1% growth between the end of June and end of September, according to the Office for National Statistics

The economy shrank in the second quarter of 2019, but expanded slightly in the third, thus avoiding recession.

Still, growth fell short of the forecast 0.4% in the three months to the end of September. GDP increased by 0.3% in the third quarter.

This figure marks the lowest rate of growth since 2010.

An ONS statistician said, “GDP grew steadily in the third quarter, mainly thanks to a strong July. Services again led the way with construction also performing well. Manufacturing failed to grow as falls in many industries were offset by car production bouncing back following April shutdowns.

“Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade.

“The underlying trade deficit narrowed, mainly due to growing exports of both goods and services”, they added.