Output marginally higher
‘Come back kid’ construction helps UK avoid recession
Construction is the ‘come back kid’ says one analyst
Britain avoided recession with a 0.3% growth in output in the third quarter of the year, latest official figures show.
This follows a 0.2% contraction in the second quarter. A recession would be determined by contraction for two consecutive quarters.
GDP performance showed a 1% year on year increase against a forecast of 1.1%.
The Office for National Statistics said: “GDP grew steadily in the third quarter, mainly thanks to a strong July.
“Services again led the way with construction also performing well. Manufacturing failed to grow as falls in many industries were offset by car production bouncing back following April shutdowns.
“Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade.