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UK Economy Expands 0.6% in Third Quarter

Published 09/11/2018, 09:31
Updated 09/11/2018, 09:37
© Reuters.  The UK economy expanded as expected in the third quarter.

Investing.com -The UK economy rebounded in the third quarter, according to data released on Friday, the most since the end of 2016.

The Office of National Statistics said the economy grew 0.6% in the third quarter, picking up from the 0.4% expansion in the second quarter.

“The economy saw a strong summer, although longer-term economic growth remained subdued,” said Rob Kent-Smith the ONS’s head of national accounts.

Some signs of weakness in September pointed to slower growth ahead of Brexit. Slowing retail sales and a decrease in domestic car purchases were offset by growth in the services sector, which expanded by 0.4% in the third quarter.

Month-on-month, GDP was flat, falling short of forecasts for an expansion of 0.1%.

Year-over-year, GDP expanded by 1.5%, compared to 1.2% in the previous quarter.

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