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British third quarter growth confirmed at 0.7%

Tuesday, December 23, 2014 - 18:58

[LONDON] British economic growth slowed to 0.7 per cent in the third quarter of 2014 from the previous three months, official data showed Tuesday, in line with the prior estimate.

However, the economy grew by less than previously thought in the first six months of the year, the Office for National Statistics (ONS) said in a statement.

Gross domestic product (GDP) expanded by 0.8 per cent during the second quarter, and by 0.6 per cent in the first quarter. That compared with the prior expansion estimates of 0.9 per cent and 0.7 per cent respectively.

On another downbeat note, the ONS added that economic growth in the July-September quarter was weaker than thought, compared with the same period a year earlier.

The economy grew 2.6 per cent in the three months to September from a year earlier, hit by weaker business investment. That marked a downgrade from the previous growth estimate of 3.0 per cent.

AFP