The UK economy beat forecasts to grow by 0.4% in Q3, according to the latest figures from the Office for National Statistics (ONS), further increasing the likelihood of a Bank of England interest rate rise next Thursday.
Output for the three months to September was higher than the expected 0.3%, which was reported in both Q1 and Q2. Services and manufacturing did well during the quarter, up by 0.4% and 1% respectively. Services remained the largest contributor to GDP growth, with a "strong performance in computer programming, motor trades and retail trade", according to the ONS. Industrial production also rose in July and August but construction contracted for a second quarter in a row. The growth figures have led to financial markets believing a rate rise by the Bank of England is now even more li...
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