The UK economy grew by 1.3% between July and September, down from 5.5% in the previous three months.
The Office for National Statistics (ONS) said that economic growth is now only slightly below pre-pandemic levels.
They attributed the growth to increased consumer spending and a rush to complete house purchases before the end of the stamp duty holiday.
But that was offset by falls in other areas of the economy, creating an overall growth figure for the summer period of 1.3%.
Grant Fitzner, chief economist at the ONS, explained, “Notably, business investment remained well down on pre-pandemic levels in the three months to September.”
Post-pandemic economic recovery
Overall the economy is 2.1% smaller than in the final three months of 2019, before the pandemic hit.
Chancellor Rishi Sunak said the latest figures showed his economic policies were working.
“The economy continues to recover from Covid and thanks to schemes like furlough, the unemployment rate has fallen for eight months in a row and we’re forecast to have the fastest growth in the G7 this year,” he said.
The latest growth figures were weaker than many economists had expected.
Paul Dales, chief UK economist at Capital Economics, said the data suggested “the best of the recovery is now behind us”.
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HeadlineUK economic growth slows to 1.3% amid supply chain problems
Short HeadlineUK economic growth slows to 1.3%
StandfirstSupply chain problems limited Britain's recovery from the pandemic, with growth down from 5.5% over summer.
The UK economy grew by 1.3% between July and September, down from 5.5% in the previous three months.
The Office for National Statistics (ONS) said that economic growth is now only slightly below pre-pandemic levels.
They attributed the growth to increased consumer spending and a rush to complete house purchases before the end of the stamp duty holiday.
But that was offset by falls in other areas of the economy, creating an overall growth figure for the summer period of 1.3%.
Grant Fitzner, chief economist at the ONS, explained, “Notably, business investment remained well down on pre-pandemic levels in the three months to September.”
Post-pandemic economic recovery
Overall the economy is 2.1% smaller than in the final three months of 2019, before the pandemic hit.
Chancellor Rishi Sunak said the latest figures showed his economic policies were working.
“The economy continues to recover from Covid and thanks to schemes like furlough, the unemployment rate has fallen for eight months in a row and we’re forecast to have the fastest growth in the G7 this year,” he said.
The latest growth figures were weaker than many economists had expected.
Paul Dales, chief UK economist at Capital Economics, said the data suggested “the best of the recovery is now behind us”.
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