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GDP rises by 0.7% in third quarter GDP rises by 0.7% in third quarter
(35 minutes later)
Growth slowed in the three months to September 30 with the economy expanding by just 0.7%, the Office for National Statistics said. UK economic growth slowed in the three months to September, with the economy expanding by just 0.7%, the Office for National Statistics said.
Economists had predicted a 0.7% rise in the period.
The figure was weaker than the 0.9% expansion recorded for the second quarter.The figure was weaker than the 0.9% expansion recorded for the second quarter.
The reading will raise concerns that the recovery is losing steam. Economists had correctly predicted that the economy would expand by 0.7% in the July-to-September period.
Gross domestic product (GDP) was 3% higher in the three months than the same time in 2013.
Output in the dominant services sector rose by 0.7%, down from 1.1% growth in the second quarter.
It was also up by 0.5% in production, 0.8% in construction and 0.3% in agriculture.
The figure will raise concerns that the recovery is losing steam and falling victim to the slowdown affecting the eurozone.
However, the UK still looked set to be the fastest-growing advanced economy this year.
Chancellor George Osborne said that growth in manufacturing and construction as well as services was very encouraging. "The UK is leading the pack in an increasingly uncertain global economy," he added.
World First chief economist Jeremy Cook said the 0.7% figure was respectable.
But he added: "Headwinds from the current slowing of output in Europe and China are obvious dangers to the UK's growth picture, and with real wages staying determinedly negative at the moment, there are concerns about how much farther domestic demand levels can be pushed."
Sterling rose 0.15% to $1.6056 after the figure was announced, while the euro edged lower to 78.82 pence.