GDP data indicates UK economy growth shows signs of slowing

The most recent GDP data for the UK economy indicates that the pace of growth has eased slightly. It slowed from 0.7% in the second quarter to 0.5% in quarter three, on a quarterly basis. In year-on-year terms, GDP has slowed from its 3% rate registered in 2014, although at 2.3% it remains solid.

The breakdown of GDP showed that the services sector remained the key source of growth in the third quarter, contributing around 0.6 percentage points, with business and financial services a strong performer in this sector.

Industrial production made no contribution to growth, while construction was a 0.14 percentage point drag in the quarter.