Preliminary figures on Friday showed that the U.K. quarterly economic growth failed to expand in the three-month period ended September 2023.
The UK reported a flat economic growth for the third quarter on a quarterly basis, following an increase of 0.2% the previous quarter. Still, it showed 0.6% growth for an annualized basis.
During this period, service sector output fell 0.1% with the production sector showing no growth. Meanwhile, construction performance recorded a slight increase of 0.1%.
Chancellor of the Exchequer Jeremy Hunt blamed inflation for the slow growth, saying that it was the UK’s greatest barrier for growth. The Consumer Price Index remained high at 6.7% YoY in September.