Britain's Economy Expanded by Only 0.1% in October
Growth of the UK GDP slowed in three months to October amid weaker demand and falling car sales. The Office for National Statistics reported, that UK GDP grew 0.4% on a three-month rolling basis in October, slowing from the 0.6% expansion seen in the third quarter. In October alone, Britain’s economy expanded by 0.1%, following flat growth in August and September. On an annualized basis, Britain’s gross domestic product growth was 1.5%, as in September.
The services sector was the main contributor despite a fall in car sales, accounting for 0.23% of the overall growth. Construction continued to fall back, with rolling three-month growth at 1.2% for the latest period, down on 3% in July. The manufacturing industry saw a 0.9% fall in growth.
Britain's economy has slowed since the June 2016 Brexit vote, its annual growth rate slipping from top spot among the Group of Seven group of rich nations to vying with Japan and Italy for bottom place in the rankings.