UK economy grows by 0.7% in third quarter despite high oil prices
Summary
The UK economy grew 0.7% in the third quarter, while output rose 0.2% in September, according to the Office for National Statistics. The agency said higher oil and gas prices weighed on growth; the Bank of England recently raised its key interest rate to 4% as it sought to curb inflation.Key Facts
- The economy expanded 0.7% in the three months to the end of September.
- Monthly growth was 0.2% in September.
- The ONS revised August’s growth estimate down from 0.1% to zero.
- The ONS said higher petrol, diesel and natural gas prices played a role in restricting growth.
- Oil prices rose above $100 a barrel in September and stayed above that level until earlier in November.
- The Bank of England raised its interest rate by a quarter of a percentage point to 4%.
- The Office for Budget Responsibility forecast 1.2% economic growth for the year at the time of the November budget.
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