The Office for National Statistics (ONS) revealed that growth was 0.4% in the three months to the end of September, down from the initial estimate of 0.5%.
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United Kingdom economic growth revised down
The current account deficit remained at 3.7% of GDP in the third quarter, compared to 3.8% in the second quarter. United Kingdom growth this year has been weaker than previously thought according to revised official figures.
The Bank of England’s decision to keep interest rates unchanged at 0.5% this month is likely to get some backing following the disappointing report.
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Gross domestic product climbed 0.4% from the second quarter, which was revised down from 0.5% estimated previously.
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The ONS’s said slower than expected growth in the services sector was in part responsible for the revised third quarter estimate.
In annual terms, growth was revised down to 2.1 percent from a previous reading of 2.3 percent.
Business investment was estimated to have increased by GBP 1.0 billion, compared with the previous quarter, to GBP 44.6 billion, the ONS said.
The BoE has previously said it expects growth in the third quarter to come in at 0.6 percent.
Kallum Pickering, senior United Kingdom economist at Berenberg, said the economy had ended 2015 on a “sour note”.
“These changes significantly alter the quarterly growth story for 2015”.
A spokesman for the Treasury insisted that the UK’s economic performance remained “strong”.
“The UK was the fastest growing economy in the G7 last year, we’re leading the pack with the USA this year, we have a record high employment rate and the deficit is down”.
Separate ONS figures reported that the United Kingdom had a balance of payments deficit of £17.5bn in the third quarter of the year, identical to the shortfall in the second quarter. 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.
The figures were published a day after worse than expected public finance figures.
Also suggesting little pressure on the Bank to move, a measures of services growth slowed sharply in October, at the start of the fourth quarter.
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Britain’s current account deficit equates to 3.7% of GDP.
