UK economy grows in Q3 on higher household spending
On a yearly basis, the country’s economy grew 3% in the July- September period. The increase in the country’s GDP was attributed to higher household spending, which rose 0.8% in the third quarter to post the strongest level seen since the second quarter of 2010. However, business investment declined 0.7%, recording its first drop since the second quarter of 2013. Exports were also down 0.4% while imports rose 1.4% in the third quarter. The report also showed that the country’s production growth was revised down to 0.2% compared to an initial estimate of 0.5% whereas the service sector expanded 0.8% compared with the initially estimated 0.7% gain.
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