The UK economy grew by 0.6 % in the third quarter of 2018, expanding by 1.5% compared to the same quarter last year.
The latest figures from the Office for National Statistics (ONS) show a slight pickup for the months July to Sept. However, the overall economic picture remains one of relatively subdued growth, especially in comparison to other G7 countries.
The Confederation of British Industry (CBI) noted “retail sales have cooled as the summer boost to the sector fades”. It also points towards subdued growth going forward as “firms grapple with weak household income growth and structural changes posed by digital disruption”.
Services remained the strongest contributor to GDP growth in the third quarter, with Construction and Manufacturing also contributing positively to growth.