July 30, 2019

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UK economic growth slowest since 2012

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The UK financial system expanded at its slowest annual charge in six years in 2018 after a pointy contraction in December.

Growth within the yr was 1.4%, down from 1.8% in 2017 and the bottom since 2012, the Office for National Statistics (ONS) stated.

It blamed slower manufacturing unit output and automobile manufacturing for the slowdown, amongst different elements.

It follows forecasts of slower growth in 2019 as a result of Brexit uncertainty and a weaker world financial system.

According to the ONS, quarterly growth additionally slowed, falling to 0.2% within the three months to December – down from 0.6% within the three months to September.

Head of GDP on the ONS, Rob Kent-Smith stated: “GDP slowed within the final three months of the yr with the manufacturing of automobiles and metal merchandise seeing steep falls and building additionally declining.

“However, providers continued to develop with the well being sector, administration consultants and IT all doing effectively.”

The ONS stated the figures mirrored a slowdown throughout quite a few industries, as Brexit-related considerations weighed on enterprise spending selections.

In the ultimate quarter of final yr, it discovered automobile manufacturing declined at its steepest charge in just below a decade, slipping 4.9%.

Construction fell 0.3% whereas enterprise funding dropped 1.4%.

Britain’s dominant providers sector expanded, nevertheless, though growth slowed to 0.4% following a robust efficiency in the course of the summer time.

Tej Parikh, senior economist on the Institute of Directors, stated: “The ongoing uncertainty round what occurs after 29 March is the prime suspect behind sapped economic exercise.

“There is at the moment a drag on growth as some companies are pressured to carry again on main investments and interact in cautionary stockpiling.

“The first half of 2019 will deliver additional challenges for the UK financial system. China’s slowdown and weak growth in Europe are more likely to chew at British exporters.”

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