Bri­tish econ­omy grew 0.5% in Q3

The Myanmar Times - - International / Business -

BRI­TAIN’S econ­omy grew by 0.5 per­cent in the third quar­ter, un­re­vised of­fi­cial data showed.

Gross do­mes­tic prod­uct ex­panded in the three months to the end of Septem­ber but at a slower pace com­pared with growth of 0.7 per­cent in the sec­ond quar­ter, the Of­fice for Na­tional Sta­tis­tics said in a sec­ond es­ti­mate last week.

The data comes two days af­ter the Bri­tish gov­ern­ment said Bri­tain’s econ­omy would grow far slower than ex­pected next year as state bor­row­ing jumps, mainly as a re­sult of a pro­jected financial fallout from the exit from the EU. An­a­lysts pointed to an econ­omy in­tact since the June 23 ref­er­en­dum in favour of Bri­tain ex­it­ing the Euro­pean Union but warned of tur­bu­lence ahead.

“This is a firm growth story that again shows the econ­omy has weath­ered the Brexit storm very well so far,” ING bank se­nior econ­o­mist James Knight­ley said.

“The data flow so far sug­gests that the fourth quar­ter should also post a de­cent growth rate, but we still ex­pect a sub­stan­tial slow­down next year.”

Brexit will spark an eco­nomic slow­down and rav­age pub­lic fi­nances, forc­ing a multi-bil­lion-pound spike in state bor­row­ing over the next five years, a gloomy gov­ern­ment bud­get up­date re­vealed last week. –

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