UK economy grows 0.9% in Q3

Britain’s gross domestic product (GDP) grew by 0.9% year-on-year in the third quarter of this year, with preliminary data indicating a 1% growth, according to final official data released on Monday.

The UK economy did not grow in the third quarter compared to the second quarter, while preliminary data had indicated a 0.1% growth in the same period. The quarterly growth rate in the second quarter was 0.4% of GDP.

The lower adjusted data than the preliminary data indicates a deterioration in the economy during the second half of this year, which increases pressure on the Bank of England to cut interest rates even if inflation rates do not decline at the targeted pace.