LONDON (Reuters) – Britain’s economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.
Year-on-year gross domestic product growth slowed to 1.0% from 1.3% in the second quarter, Britain’s Office for National Statistics said, its lowest since the first three months of 2010 and just below economists’ forecasts in a Reuters poll of 1.1%.
Slowdown - Rebound - GDP - Growth - Contraction
The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter, when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March.
“Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade,” an ONS spokesperson said.
Quarter - Boris - Johnson - Minister - Concerns
During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on Oct. 31.
In the event, parliament forced Johnson to seek a delay and he has now called an early election for Dec. 12 in an attempt to win a large enough majority for his preferred Brexit deal...
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