Commenting on the latest ONS data, Barret Kupelian, Chief Economist at PwC, says:
“The UK economy grew 0.1% in the third quarter, missing consensus estimates of 0.2% growth. Growth was fuelled by strong activity in construction, modest growth in the large services sector and hindered by a contraction in the production sector. In September activity contracted, suggesting rumours circulating around the Autumn Budget made households jittery and reticent on spending.
“Looking forward, the Government’s recently announced spending plans will push up economic growth in the near-term - however, the outlook has become less rosy since these plans were first announced, as the international trading backdrop appears much more challenging. If this uncertainty persists, it could manifest into a significant headwind to growth for next year.”
Ends
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