Britain ducks recession but annual growth weakest since 2010

11 Novembre, 2019, 21:03 | Auteur: Auguste Feret
  • Boris Johnson

Britain's Brexit-facing economy avoided entering recession in the third quarter with growth of 0.3 per cent, official data showed today.

Annual gross domestic product growth fell to 1.0 per cent in the third quarter from 1.3 per cent in the April-June period, the Office for National Statistics said, its lowest since early 2010.

However, the economy was slightly weaker than both market expectations and the Bank of England's latest forecasts, which had pointed to 0.4% growth for the period.

Following the 0.2% contraction in the second quarter, there had been fears that the British economy would fall into recession - commonly defined as two consecutive quarters of negative growth.

Business leaders welcomed the growth, but said avoiding recession was nothing to celebrate and warned of an "alarming loss of momentum" amid a global economic slowdown and Brexit uncertainty.

"Food shops bounced back after a weak few months, but there was yet more bad news for department stores, with sales continuing to fall in September", ONS statistician Rhian Murphy said.

"Looking at the picture over the previous year, growth slowed to its lowest rate in nearly a decade", an ONS spokesperson said.

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Britain's economy grew at the slowest annual rate in almost a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.

That's because the 0.3% figure puts annual GDP at 1% - down from the 1.3% calculated at the end of the second quarter.

"The U.K. economy has been in stop-start mode all year, with growth punctuated by the various Brexit deadlines", he said.

Chancellor Sajid Javid tweeted: "Great to see solid Q3 growth - another welcome sign fundamentals of United Kingdom economy are strong". Barclays had said in a note sent to clients on Sunday: "We expect Q3 GDP to print at 0.4%, supported by temporary factors relating to the auto factory closures".

In the three months to the end of September, economic growth was not as fast as expected.

The economy was somewhat volatile in the first half of this year when Britain was originally supposed to leave the European Union.

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