Following the 0.2% contraction in the second quarter, there had been fears that the British economy would fall into recession — commonly defined as two consecutive quarters of negative growth. Though a recession was avoided, the British economy remains relatively weak, largely because of uncertainty related to Brexit. On an annual basis, the British economy was only 1% bigger in the third quarter, its weakest year-on-year growth since the start of 2010.
UK economy avoids recession with 0.3% Q3 growth
LONDON (AP) — Official figures show that the British economy avoided falling into recession in the third quarter of the year. The Office for National Statistics said Monday that the economy grew by a quarterly rate of 0.3%. That was in line with market expectations.