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UK Growth Cools Down to 1.3% in Q3 as Total Imports Rose by £2.3 billion

pounds wrapped chain with lock

UK economy growth eased sharply in the third quarter as the natural bounced back after the lifting of COVID-19 curbs waned and as the effects of supply chain constraints were felt.

Source: Office for National Statistics.

FTSE 100 up +0.41%, EUR USD down -0.07%

GDP expanded by 1.3% in the July-to-September period, compared with the previous three months. The figure was considerably slower than the 5.5% growth in the second quarter.

On the bright side, the economy in September grew by 0.3% on a month-on-month basis. But, the ONS cut its estimate of growth in August, from 0.4% to 0.2%.

The ONS stated that the UK GDP remained 0.6% below its pre-COVID-19 level in September.

The total imports in the UK rose by 5.9 %(£2.5 billion), driven by a £2.2 billion increase in imports from the non-EU economies as imports from the EU expanded slightly by 0.6 %( £0.1 billion).

Imports from the non-EU nations have been higher than the EU nations for the 9th straight month since January 2021.


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