The UK economy grew by 0.4% in the third quarter, down from a previous estimate of 0.5%.
Advertisement
Steve Harvey skipped rehearsal of Miss Universe announcement
Last year, the victor of the Miss Florida pageant had to give back her crown following a vote-tabulation error that was noticed days later.
So-called gross fixed capital formation grew by 0.6 per cent over the quarter, much slower than the 1.3 per cent previously estimated.
Clinton Camp: We Won’t Respond to Trump’s ‘Degrading Language’
The poll does not stop here, however, because 59 percent have also said that they find Donald Trump unfavorable. Congressman Jeff Fortenberry objects to the characterization fellow Republican Donald Trump has made of Muslims.
Economists taking part in a Reuters poll had expected no change to the previous ONS estimates.
Donald Trump calls Hillary Clinton a ‘liar’ while campaigning in Grand Rapids
Hell, Trump himself said that he “probably radicalized” one of the San Bernardino shooters with his Muslim-focused policy proposals.
The ONS said growth in unit labour costs slowed to an annual 2.0 per cent from 2.2 per cent in the second quarter and a measure of productivity was unchanged.
Kallum Pickering, senior United Kingdom economist at Berenberg, said the economy had ended 2015 on a “sour note”.
The Office for Budget Responsibility – the body that produces forecasts for the Treasury – said in last month’s autumn statement that the economy would grow by 2.4% in 2015 as a whole.
United Kingdom growth this year has been weaker than previously thought according to revised official figures.
The revised figures mean the United Kingdom economy is now 6.1pc larger than its pre-crisis peak, compared with an earlier estimate of 6.4pc. Wednesday’s data showed household spending rose more quickly than previously thought in the third quarter, helped by the biggest annual increase in disposable income since 2010 as inflation tumbled to zero and wages rose.
This reinforces data showing buoyant consumer spending in the United Kingdom, but also suggests Britons may be vulnerable to interest rate rises, with little put by in savings to cushion the blow.
Howard Archer, chief United Kingdom and European economist at IHS Global Insight, said the downward revisions to GPD will likely increase expectations that the BoE will hold off on raising interest rates until well into 2016.
The figures were published a day after worse than expected public finance figures.
The current account deficit remained at 3.7% of GDP in the third quarter, compared to 3.8% in the second quarter.
Advertisement
News of the GDP slowdown followed Tuesday’s ONS figures, which cast doubt on whether the chancellor would be able to meet his deficit-reduction target for the 2015-16 financial year.
