The UK economy lost momentum over the summer as the post-lockdown recovery faded, while persistent supply problems and weaker consumer spending are expected to continue to hold growth for the rest of the year.
The economy grew by 1.3% in the third quarter of the year compared to the previous quarter, according to the statistical service.
The growth rate marks a vertical deterioration from the growth of 5.5% recorded on a quarterly basis from April to June.
Economists expected the UK economy to grow by 1.5% in the third quarter.
On an annual basis, the economy grew by 5.1% in the third quarter, compared to 23.9% in the previous quarter.
Growth came as a result of household consumption, while inventories fell and net trade functioned as a weight, the ONS statistical office said.
At the end of the third quarter, the UK economy was 2.1% lower than pre-pandemic levels in the fourth quarter of 2019.
In September, the economy “ran” at a rate of 0.6% on a monthly basis, faster than the growth of 0.2% recorded in August.
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Source From: Capital
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