UK GDP stagnated in the third quarter

Madrid, November 10 (European Press) –

The UK economy, the second largest on the Old Continent, saw no growth between July and September compared to the previous three months as a result mainly of a contraction in activity in services, the Office for National Statistics (ONS) reported. .

According to the first reading of the data, British GDP remained stagnant in the third quarter, after expanding by 0.2% in the previous three months. Compared to the third quarter of 2022, the economy grew by 0.6%.

In monthly data, GDP is estimated to have risen by 0.2% in September 2023, after growth of 0.1% in August (revised down from 0.2%) and a decline of 0.6% in July 2023.

In this way, UK GDP performed somewhat better in the third quarter than in the eurozone, contracting by 0.1%, but was far behind US growth of 1.2%.

Between July and September, the UK services sector saw a contraction of 0.1%, down from stagnation in the second quarter, while the construction sector slowed its expansion to 0.1% from 0.3% and manufacturing stagnated, after growing by 1.2% in the second quarter.

Similarly, in the third quarter, a 0.4% decline in real household expenditure was observed, after a 0.5% increase in the previous quarter, highlighting the decline in consumption of various goods and services; Transportation (especially air and sea transportation), food and non-alcoholic beverages.

The government’s real consumer spending fell by 0.5%, after rising by 2.5% in the previous quarter as a result of lower spending on health and education, which fell by 1.4% and 0.3%, respectively.

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On the other hand, gross fixed capital formation is estimated to have declined by 2%, after a 0.8% rise in the previous quarter.

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