12 Nov 2019
The UK economy has avoided falling into recession although growth remains slow, according to the latest figures from the Office for National Statistics (ONS).
During the third quarter of 2019, year-on-year growth dropped to 1%, the lowest rate since the first three months of 2010. However, the UK economy avoided a recession after expanding by 0.3% in the three months to the end of September. It had shrunk in the second quarter; two quarters of contraction would have signalled a recession.
The ONS 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.'
GDP dropped by 1% during September, although the ONS revised down August's contraction to 0.2% from 0.1%.