UK economy weaker than first thought in Q3 with zero GDP growth

LONDON (ICIS)–The UK economy was weaker than initially thought in Q3 with GDP showing zero growth, according to official data on Monday.

There was no growth in the services sector, while a 0.7% increase in construction was offset by a 0.4% fall in production.

The Q3 GDP figure was revised down from a first estimate of 0.1% growth, the Office for National Statistics (ONS) said.

Quarterly growth has trended down throughout 2024 with GDP at 0.7% in Q1, 0.4% in Q2 and 0% in Q3.

On a monthly basis, GDP fell by 0.1% in September and October, according to the ONS.

Last week, the Bank of England (BoE) held its key interest rate at 4.75% as inflation continued to firm despite weakening industrial activity.

Economic growth in the eurozone and EU has been more positive with Q3 GDP rising by 0.4% in both blocs from the previous quarter.