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UK ducks recession with weakest annual growth since 2010

The UK has dodged a recession despite seeing the biggest year-on-year slowdown in nearly a decade.

The Office for National Statistics (ONS) said the 0.3% growth for the latest quarter signalled the economy “slowing” as UK GDP had grown at 1% for the same period in 2018.

It said this represented the weakest annual rate since 2010.

However, the expansion meant the UK avoided plunging into a recession, defined by two successive quarters of economic decline.

It shrank by 0.2% in the three months to June 2019.

Despite this, the economy was slightly weaker than both market expectations and the Bank of England’s latest forecasts, which had pointed to 0.4% growth for the period between July and September.

A spokesman for the Office for National Statistics (ONS) said: “GDP grew steadily in the third quarter, mainly thanks to a strong July.

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“Services again led the way with construction also performing well.

“Manufacturing failed to grow as falls in most industries were offset by car production bouncing back following April shutdowns.

“The underlying trade deficit narrowed, mainly due to growing exports of both goods and services.”

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