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UK economy grows by monthly 1.1% in September, slower than expected

Britain's economy grew by a slower than expected 1.1% in September from August, even before the latest restrictions on businesses, official data showed

Topics
Coronavirus | UK economy

Reuters  |  LONDON 

A man walks past a car scrap yard in east London. Photo: Reuters

LONDON (Reuters) - Britain's economy, which has struggled to maintain its recovery from its lockdown crash, grew by a slower than expected 1.1% in September from August, even before the latest restrictions on businesses, official data showed.

Economists polled by Reuters had expected a monthly growth rate of 1.5% in September.

In the July-September period, gross domestic product grew by a record 15.5% compared with the previous three months, the Office for National Statistics said.

The Reuters poll had pointed to GDP growth of 15.8% in the third quarter as the tried to recover from its nearly 20% crash in the second quarter.

Last week, the Bank of England said the world's sixth-biggest was likely to shrink by a record 11% in 2020 before growing by just over 7% in 2021.

However, since then news of a potentially effective COVID-19 vaccine has raised hopes that next year's bounce-back could be stronger than the BoE's forecast.

 

(Reporting by Andy Bruce and William Schomberg; Editing by Alistair Smout)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, November 12 2020. 14:59 IST
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