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world news - U.K. Economy Slows in the Third Quarter
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2015. 11. 4. 08:51
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U.K. Economy Slows in the Third Quarter
Britain is the first of the western nations in the Group of Seven to report quarterly growth figures and Tuesday’s data came in weaker than analysts and policy makers were expecting. According to government statisticians, gross domestic product expanded 0.5% between July and September, an annualized / specialized rate of 2%. This is slower than the second quarter’s 0.7% growth and undershoots most economic forecasts, including the Bank of England’s, which were predicting an 0.6% rate.
Preliminary figures by the U.K. Office for National Statistics show the slowdown was concentrated by / in manufacturing, where sluggish global demand, coupled with a strong pound, sapped demand for British-made goods. Manufacturing output in the U.K. has now shrank / shrunk for three straight quarters.
The sector “has been in the hurt locker because of the world industrial cycle,” said Robert Wood, chief U.K. economist at Bank of America Merrill Lynch.
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