British Third Quarter Growth Confirmed at 0.7 Percent

British Third Quarter Growth Confirmed at 0.7 Percent

British economic growth slowed to 0.7 percent in the third quarter of 2014 from output in the previous three months, official data showed Wednesday, confirming the previous estimate.

Economic output in the July-September period was propelled by consumer spending, the Office for National Statistics said in a statement.

Household consumption grew 0.8 percent — the fastest quarterly pace since the second quarter of 2010.

Activity was also buoyed by increases in agriculture, forestry and fishing, production, construction and services.

Gross domestic product (GDP) had expanded by 0.9 percent during the second quarter, and by 0.7 percent in the first quarter.

The ONS added Wednesday that the economy also grew 3.0 percent in the three months to September from a year earlier. That was also unchanged from the prior figure.

Britain’s Conservative-Liberal Democrat coalition government welcomed the data.

He warned, however, that Britain is not immune to weakness in the neighbouring eurozone and instability in global markets

The eurozone economy expanded by just 0.2 percent in the third quarter, official data showed earlier this month, sparking fears that a sluggish Europe is hurting world growth.

Britain is not a member of the eurozone but it counts the single currency bloc as its main trading partner.