UK economy decelerates in September
The struggling and virus-beaten economy of Britain had advanced 1.1% in September. The reading came slower than what was expected from a month ago, even before the latest restrictions on businesses were implemented, official data showed.
The figure placed below the 1.5% monthly growth predicted by economists in a Reuters survey. Moreover, the country’s gross domestic product expanded 15.5% from July to September, the Office for National Statistics said.
While there was an increase, this did not compensate for GDP’s nearly 20% crash seen in the second quarter. In addition to this, the Bank of England said that the world’s sixth-biggest economy is expected to record an 11% contraction before expanding by just 7% the following year.