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UK economy grows strongly in Q3

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Staff Writer | Friday November 9, 2018 7:00AM ET
UK construction
Britain   Trade contributed strongly to growth

Britain's economy kept up healthy momentum during the third quarter, but this may prove a high watermark ahead of Brexit, official figures showed on Friday.

Gross domestic product in the three months to September was 0.6 percent higher than in the previous quarter, matching the consensus forecast in a Reuters poll of economists, figures from the Office for National Statistics (ONS) showed.

Compared with a year earlier, the economy stood 1.5 percent larger.

But in September alone, it stagnated for a second month running, compared with forecasts for a rise of 0.1 percent

The figures showed trade contributed strongly to growth over the third quarter.

Business investment, however, contracted unexpectedly at the fastest pace since early 2016, adding to signs of rising caution among companies ahead of Brexit in March next year.

Business surveys covering the last month suggest growth looks likely to slow sharply in the final months of 2018, as a boost to consumer spending from warm weather and the soccer World Cup fades away.


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