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UK's private-sector growth slows to seven-month low: CBI
[LONDON] Growth in Britain's private sector has slowed to its weakest since March, an industry survey showed on Wednesday, another sign the rapid rebound over the past year is giving way to a more sustainable pace of expansion.
The Confederation of British Industry said its October growth indicator fell to +19, above its long-run average but weaker than last month's balance of +23 and, along with March, the lowest reading since July 2013.
The CBI indicator comes after official data which showed that British gross domestic product expanded by 0.7 per cent in the three months to September, down from 0.9 per cent in the second quarter of 2014.
The CBI said it still expected quarterly growth next year of 0.6-0.7 per cent, a shade above Britain's historical rate.
"Despite all the international headwinds, it's encouraging to see our surveys showing a steady expansion in the UK economy," said the CBI's director of economics, Rain Newton-Smith.
Slowing eurozone inflation and conflict in Ukraine and the Middle East have threatened British growth, the CBI said.
The survey is based on combining results from other CBI surveys of retailers, manufacturers and professional services companies, which together account for about three quarters of Britain's private sector.