LONDON, November 13. /TASS/. The British economy unexpectedly contracted by 0.1% in September, according to a report from the UK’s Office for National Statistics (ONS).
The result came in weaker than the forecasts of most analysts, who had predicted zero growth. The figures released on Thursday also dragged down the reading for the Q3, during which the UK’s GDP grew by only 0.1%. Ahead of the publication, London City analysts had expected a quarterly increase of 0.2%, while the Bank of England, acting as the country’s central bank, projected 0.3%. This marks the weakest quarterly economic growth since the end of 2023.
Previously, the British economy expanded by 0.7% in the Q1 and by 0.3% in the Q2.
According to the statistics agency, the prolonged shutdown of Jaguar Land Rover (JLR, owned by India’s Tata Group) plants, triggered by a major cyberattack on August 31, exerted negative pressure on overall economic performance.
In July-September, the services sector grew by 0.2%, the construction sector by 0.1%, while industrial production fell by 0.5%.