UK growth slowed in three months to August: NIESR

Britain's economy probably slowed in the three months to the end of August, the National Institute of Economic and Social Research said on Wednesday. 

PHOTO: BLOOMBERG

SEP 9, 201510:15 PM

[LONDON] Britain's economy probably slowed in the three months to the end of August, the National Institute of Economic and Social Research said on Wednesday.

Growth in the period was estimated at 0.5 per cent compared with 0.6 per cent in the three months to the end of July, the think tank said.

Official data published earlier on Wednesday showed industrial output contracted in July, pushed down by the earlier-than-usual summer shutdown of auto plants and weak demand for British exports.

"Despite the slight softening, growth remains close to the estimated long-run potential of the economy, but below the average rate of growth - 0.7 per cent per quarter - observed since the start of 2013," NIESR said.

It has previously forecast that the UK economy will expand by 2.5 per cent in 2015 as a whole, compared with 3.0 per cent in 2014.

REUTERS