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British Growth Slows to 0.7% in Q3

Dec. 23, 2014
Gross domestic product (GDP) expanded by 0.8% during the second quarter, and by 0.6% in the first quarter. 

British economic growth slowed to 0.7% in the third quarter of 2014 from the previous three months, official data showed Tuesday, in line with the prior estimate.

However, the economy grew by less than previously thought in the first six months of the year, the Office for National Statistics (ONS) said.

Gross domestic product (GDP) expanded by 0.8% during the second quarter, and by 0.6% in the first quarter. That compared with the prior expansion estimates of 0.9% and 0.7% respectively.

On another downbeat note, the ONS added that economic growth in the July-September quarter was weaker than thought, compared with the same period a year earlier.

The economy grew 2.6% in the three months to September from a year earlier, hit by weaker business investment. That marked a downgrade from the previous growth estimate of 3%.

Copyright Agence France-Presse, 2014

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