LONDON (Reuters) – The British economy did not grow between July and September, according to figures published on Friday by the Office for National Statistics (ONS).
A Reuters survey of economists had suggested a drop in gross domestic product (GDP) of 0.1% in the third quarter, but official data indicates zero growth, at 0%.
The economy grew by 0.2% in September compared to August, although growth for August was revised downward from +0.2% to +0.1%.
Economists polled by Reuters did not foresee a revision of the indicator.
During the quarter, services sector output fell by 0.1%, industrial production remained stable and construction grew by 0.1%, according to the ONS.
Last week, the Bank of England (BoE) said it expected zero growth in the UK economy next year, and forecast zero growth in the third quarter.
Finance Minister Jeremy Hunt, reacting to Friday’s data, said high inflation remained the main obstacle to growth and he would announce plans to unlock investment and get Britons back to work in the next month. budget update, scheduled for November 22.
Inflation remains more than three times higher than the 2% target of the BoE, which kept its key rate at its highest level in 15 years during its last monetary policy meeting.
(Written by William Schomberg and Andy Bruce, Corentin Chappron, edited by Kate Entringer)
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