LONDON, Feb 11 — Britain’s economy saw zero growth in the final quarter of last year as manufacturing shrank heading into the country’s general election that unlocked Brexit, official data showed today.
“There was no growth in the last quarter of 2019 as increases in the services and construction sectors were offset by another poor showing from manufacturing, particularly the motor industry,” said Rob Kent-Smith at the Office for National Statistics (ONS).
UK manufacturing contracted 0.8 per cent in the October-December period, the ONS said.
Britain finally departed the European Union on January 31 after Prime Minister Boris Johnson in December led the Conservative party to victory in national polls.
“We’ve broken the deadlock and left the EU — now we need to seize this moment to level up and prepare our great nation for long-term success,” finance minister Sajid Javid said in a statement today following release of the growth data.
“In my budget, exactly one month from today, I’ll set out how we will move forward, with more ambition and new thinking, and empower our people and businesses so everyone has the opportunity to thrive,” Chancellor of the Exchequer Javid said.
On the eve of Brexit however, the Bank of England slashed its UK economic growth forecasts for this year and next, as the country faces tough negotiations with the EU on striking a new trade deal.
The British economy would expand by only 0.8 per cent this year, the BoE said last month, down sharply on its previous 1.2-per cent forecast.
In 2021, gross domestic product was expected to grow 1.4 per cent, down on the central bank’s estimate of 1.7 per cent given in November.
The ONS today added that the UK economy grew by 1.4 per cent last year, up from 1.3 per cent in 2018.
It expanded 0.5 per cent in the third quarter of 2019. — AFP
