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UK economic growth slows down in Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/10/2014 (14:12)
The UK’s economic growth slowed down in the third quarter of 2014, according to a report released by the Office for National Statistics. The report showed that gross domestic product (GDP) grew by 0.7% in the third quarter of 2014 compared to the growth of 0.9% posted in the second quarter. The increase was in line with initial forecasts reported in a survey conducted by Bloomberg.

On a yearly basis, the UK’s GDP grew by 2.8% in the third quarter of 2014. According to the Office for National Statistics, the service sector, the largest part of the country’s economy, posted an increase of 0.7%. The country’s industrial production and construction output increased 0.5% and 0.8%, respectively, in the third quarter while the UK manufacturing sector also grew by 0.4%, the lowest level posted since the first quarter of 2013.
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