The UK economic system has flatlined however has prevented a recession this 12 months.
Fresh information from the Office for National Statistics reveals that gross home product (GDP) – which measures the worth of products and providers produced – rose by 0.2% over the month, though progress in August was revised all the way down to 0.1% from 0.2%.
While the figures point out the economic system didn’t develop in any respect within the third quarter, it does imply the UK dodges a recession this 12 months which is outlined as two consecutive quarters of damaging GDP.
Analysts had predicted a 0.2% fall for the most recent interval.
ONS director of financial statistics Darren Morgan mentioned: “The economic system is estimated to have proven no progress within the third quarter.
“Services dropped a little with falls in health, management consultancy and commercial property rentals.
“These had been partially offset by progress in engineering, automobile gross sales and equipment leasing.
“In the month of September the economy grew slightly, with increases in film production, health and education.
“This progress was partially offset by falls in retail and pc programming.”
The Bank of England mentioned final week it anticipated zero progress within the economic system subsequent 12 months however saved rates of interest at a 15-year excessive because it continued to battle an inflation fee greater than thrice its 2% goal.
The central financial institution had forecast a flat studying for progress within the third quarter.
Chancellor Jeremy Hunt has mentioned excessive inflation remained the only greatest barrier to progress and he would announce plans to unlock funding and get individuals again into work in his autumn funds assertion on 22 November.
Source: information.sky.com”