The U.K. economy flatlined in the third quarter, initial figures showed Friday.
Gross domestic product showed no quarterly growth in the the three months to the end of September, following an increase of 0.2% the previous quarter. In annual terms, Britain’s third-quarter GDP was 0.6% higher than in the same period in 2022.
Services sector output dropped 0.1% on the quarter, but the decline was offset by a 0.1% increase in construction performance, while the production sector flatlined.
U.K. Chancellor of the Exchequer Jeremy Hunt said high inflation remains the “single greatest barrier to economic growth” in the country, with the consumer price index remaining at 6.7% year-on-year in September.
“The best way to sustainably grow our economy right now is stick to our plan and knock inflation on its head,” Hunt said.
“The Autumn Statement will focus on how we get the economy growing healthily again by unlocking investment, getting people back into work and reforming our public services so we can deliver the growth our country needs.”
