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UK GDP slows more than expected in Q3

FXStreet (Mumbai) - The preliminary estimate of the third quarter UK GDP released by the Office for National Statistics (ONS) showed the economy expanded 0.5% q/q, missing the estimate of 0.6% and down from the previous figure of 0.7%.

Year-on-year, third quarter GDP growth also came in at a slightly weaker than expected 2.3%. Construction shrank 2.2%, manufacturing contracted 0.3%, while the overall production growth cooled to 0.3% from 0.7% in the second quarter. The services output grew 0.7%; its biggest rise since Q4 2014.

GDP growth in the second quarter stood at 0.7%, compared to the disappointing 0.4% in the first three months of the year.

UK GDP going through summer slowdown - ING

James Knightley Senior Economist at ING, notes that the UK business surveys suggested that growth slowed in 3Q15 with sterling strength and external weakness hurting exports and a wet summer dampening consumer spending.
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