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The UK economy suffered a growth slowdown in the third quarter of the year, numbers from the Office for National Statistics confirmed on Monday. UK gross domestic product nudged 0.1% higher quarter-on-quarter in the three months to September 30. GDP had risen 0.2% in the second quarter, downwardly revised from a previously-reported 0.3% advance. ‘In output terms, growth in the latest quarter was driven by increases of 0.2% in services and 0.2% in construction; the production sector fell by 0.3%,’ the ONS said. On-year, GDP rose 1.3%, easing from a 1.4% rise in the second. The ONS confirmed that over the course of 2024, UK GDP rose 1.1%. ‘The level of real GDP in quarter 3 2025 compared with quarter 4 2023 is now estimated to be 2.9% higher, revised down slightly from the first estimate of 3.0%,’ the ONS added. Separately, the ONS said the UK’s current account deficit narrowed to £12.07 billion at the end of the third quarter, from £21.15 billion in the second quarter. The last reading beat the FXStreet cited consensus of a £21.3 billion deficit. The goods trade deficit slimmed on-quarter to £58.94 billion from £60.05 billion. The services surplus increased to £52.83 billion from £51.31 billion. The primary income deficit narrowed, also aiding the current account position. It is the income that the UK receives and pays on financial and other assets, along with the compensation of employees. The primary income deficit narrowed on-quarter to £1.85 billion in the third quarter from £8.41 billion. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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