2 months ago
Economic Indicators

UK GDP Growth Slowed in Three Months to November

Investing.com - The rate of economic growth in the UK slowed over the last three months, according to figures released

Investing.com - The rate of economic growth in the UK slowed over the last three months, according to figures released by the Office for National Statistics on Friday.

Gross domestic product grew 0.3% in the three months to November the ONS reported, slowing from the 0.4% expansion seen in the three months to October and in line with forecasts.

Manufacturing output shrank by 0.3% in November, while the service sector grew by 0.3% and the construction sector expanded by 0.6%.

“Growth in the UK economy continued to slow in the three months to November 2018 after performing more strongly through the middle of the year,” said Rob Kent-Smith, head of national accounts at the ONS.

“Accountancy and housebuilding again grew but a number of other areas were sluggish. Manufacturing saw a steep decline, with car production and the often-erratic pharmaceutical industry both performing poorly,” he explained.

Month-on-month, GDP ticked up 0.2% in November, picking up from the 0.1% rise seen a month earlier.