UK GDP did not change in the third quarter

According to preliminary data from the National Statistical Office, in the third quarter of 2023, the UK's economic growth remained unchanged compared to the second quarter.

This was the weakest result in the last four quarters, but still better than analysts' forecasts, which expected a 0.1% decline in GDP.

On an annualized basis, British GDP grew by 0.6% in Q3. For comparison, in the second quarter, economic growth was 0.2% compared to the previous quarter and 0.6% in annual terms compared to the same period in 2022.

Consumer spending in the period from July to September fell by 0.4%, government spending decreased by 0.5%, and business investment decreased by 4.2%.

In the service sector, a decrease of 0.1% was registered, although the construction industry showed an increase by the same amount. There were no significant changes in the production sector.

Exports increased by 0.5%, while imports decreased by 0.8%.