UK avoids recession but economic growth remains slow
The Office for National Statistics said: ‘GDP grew steadily in the third quarter, mainly thanks to a strong July. Services again led the way, with construction also performing well. Manufacturing failed to grow, as falls in many industries were offset by car production bouncing back following April shutdowns.
‘Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade. The underlying trade deficit narrowed, mainly due to growing exports of both goods and services.’
GDP dropped by 1% during September, although the ONS revised down August’s contraction to 0.2% from 0.1%.
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