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UK averts looming recession with 0.3% GDP growth

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Britain’s Gross Domestic Product (GDP) increased by 0.3% on an annualised basis in the third quarter of 2019, the national statistics office, ONS reported.

The United Kingdom thus escaped the recession that loomed after its economy contracted in the second quarter. Services, which account for about 80% of the British economy, led the recovery, while manufacturing stagnated, ONS commented.

It added that, in September, the last month of the quarter, GDP slipped by 0.1% compared to the corresponding period of last year, while overall growth decreased to its lowest point in a decade .

The Brussels Times