UK growth slower than expected in third quarter
Summary
The UK economy grew by only 0.1% from July to September, which was less than what analysts expected. The service sector helped the economy grow, but manufacturing struggled, especially due to a cyber attack on a major car producer.Key Facts
- The UK economy grew by 0.1% in the third quarter of 2023.
- Analysts predicted a growth of 0.2% for this period.
- The service sector contributed to the growth.
- The production sector, especially manufacturing, saw a decline.
- A major cyber attack affected car production at JLR, a big car company.
- In September, the economy shrank by 0.1%.
- These growth figures come before Chancellor Rachel Reeves' upcoming Budget, where she might raise taxes.
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