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12 November, 2019 00:00 00 AM
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UK economy avoids recession with 0.3pc quarterly growth

AFP, London

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

Gross domestic product rebounded in the July-September period after a 0.2-per cent contraction in the second quarter, the Office for National Statistics (ONS) said in an initial estimate.

The technical definition of a recession is two straight quarters of negative growth.

Economic activity was propelled largely by the construction and services sectors, while the production sector was flat.

"GDP grew steadily in the third quarter, mainly thanks to a strong July," said an ONS spokesman.

"Services again led the way with construction also performing well. "Manufacturing failed to grow as falls in most industries were offset by car production bouncing back," he added.

The third-quarter performance however fell short of market expectations and the Bank of England's growth forecast -- which had both stood at 0.4 per cent.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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