Sun. Oct 25th, 2020

UK GDP: Economy avoids recession despite weakest growth in a decade – business live

Britain’s economy grew by 0.3% in the last quarter, but annual growth slowed to just 1%

10.56am GMT

Today’s GDP report shows that private consumption, government spending and net trade all made a positive contribution to growth.

But business investment contracted in Q3, and manufacturing has also shrunk over the last six months.

Latest GDP figures show UK economy has almost ground to a halt. GDP up just 0.1 pc over the past 2 quarters. UK economy becoming even more unbalanced – consumer spending, gov’t expenditure & services output are growing while manufacturing industry and investment are in decline.

10.49am GMT

John McDonnell, Labour’s Shadow Chancellor, isn’t impressed that the UK economy has barely grown over the last six months:

“Over the last year, growth slowed to its lowest rate in almost a decade.

“The fact that the Government will be celebrating 0.1% growth in the last six months is a sign of how low their hopes and expectations for our economy are.

Continue reading…Britain’s economy grew by 0.3% in the last quarter, but annual growth slowed to just 1%Latest: UK economy grew 0.3% in the last quarterBut annual growth is weakest since 2010Service sector grows, but manufacturing stagnatesMoody’s has threatened to downgrade UK credit rating 10.56am GMTToday’s GDP report shows that private consumption, government spending and net trade all made a positive contribution to growth.But business investment contracted in Q3, and manufacturing has also shrunk over the last six months.Latest GDP figures show UK economy has almost ground to a halt. GDP up just 0.1 pc over the past 2 quarters. UK economy becoming even more unbalanced – consumer spending, gov’t expenditure & services output are growing while manufacturing industry and investment are in decline. 10.49am GMTJohn McDonnell, Labour’s Shadow Chancellor, isn’t impressed that the UK economy has barely grown over the last six months:“Over the last year, growth slowed to its lowest rate in almost a decade.“The fact that the Government will be celebrating 0.1% growth in the last six months is a sign of how low their hopes and expectations for our economy are. Continue reading…

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