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Home |Latest news |UK economy stagnates in third quarter of 2023

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UK economy stagnates in third quarter of 2023

November 13 2023

The UK's economy failed to grow between July and September compared to the previous quarter, according to the latest data from the Office for National Statistics (ONS).

The figures from the ONS show the UK economy grew by 0.2% in September and mean the UK will avoid a recession this year.

The ONS said that the latest growth figures showed a subdued picture across all sectors of the economy.

The services sector saw a small decline over the three-month period, while the manufacturing sector saw slight growth.

Ben Jones, Lead Economist at the Confederation of British Industry (CBI), said: 'Forecasts for the UK economy have generally been edging down recently and the latest growth figures lived up to this gloomier view of near-term prospects.

'It's clear that higher interest rates are starting to bite, and demand has become less resilient.

'The Bank of England's latest forecasts make for particularly grim reading, with the economy expected to be flat next year and before growing at feeble rates in both 2025 and 2026. But action from the Chancellor in the Autumn Statement . . . could change that outlook.'

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