Home / Knowledge / News / Textiles / UK economy avoids hitting recession with 0.3% growth in Q3

UK economy avoids hitting recession with 0.3% growth in Q3

13
Nov '19
Pic: Shutterstock
Pic: Shutterstock
The British economy steered clear of entering recession in this year’s third quarter witnessing 0.3 per cent growth, according to the Office for National Statistics (ONS), which said gross domestic product (GDP) rebounded in the July-September period after a 0.2-per cent contraction in the second quarter. Two straight quarters of negative growth imply a recession.

The construction and services sectors propelled economic activity, while the production sector was flat, according to global newswires.

“GDP grew steadily in the third quarter, mainly thanks to a strong July,” said an ONS spokesman. The third-quarter performance, however, fell short of market expectations and the Bank of England’s growth forecast, both of which had stood at 0.4 per cent.

And despite rebounding growth, the ONS pointed to ‘signs’ of a slowdown, as the United Kingdom readies to leave the European Union on January 31.

On an annual comparison, British GDP grew by 1 per cent in the third quarter from a year earlier—the weakest reading since the first three months of 2010.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 15th Dec 2019

Global economy to slow, tensions to ease in 2020: report

Global economic growth is likely to fall to just over 3 per cent in...

IOM Finland Chief of Mission Simo Kohonen & H&M Group Head of Sustainability Anna Gedda sign MoU. Pic: IOM

Apparel/Garments | On 15th Dec 2019

IOM, H&M to work for protection of migrant workers

The International Organisation for Migration (IOM) and H&M Group have ...

Pic: GlobeNewswire

Textiles | On 15th Dec 2019

Founder's Hemp & Nufabrx make CBD oil-compression sleeves

Founder's Hemp and Nufabrx have joined hands to reinvigorate the...

Interviews View All

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Top executives, Textile industry, India

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Top executives, Textile industry

Top executives
Textile industry

RoSCTL is need of the hour

Laksheeta Govil,

Laksheeta Govil

Founded in 2014, Fizzy Goblet is a Delhi / NCR based handcrafted leather...

Puneet Jain & Yatin Jain,

Puneet Jain & Yatin Jain

Odhni is an indutva or ethnicwear brand started in 1999 by the Jain...

Wesly Clements,

Wesly Clements

US-based Baldwin Technology Company is a global manufacturer and supplier...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


December 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search