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- Economic growth in the United Kingdom has slowed sharply in late 2018, according to official data.
- The UK economy grew only 0.2% in the last quarter of 2018, as companies continue to stifle investments in a context of uncertainty related to Brexit.
- On an annual basis, the ONS said the economy had grown 1.4% in 2018, the lowest growth since 2012.
According to the Office for National Statistics, economic growth in the United Kingdom slowed to stand at 0.2% in the last quarter of 2018, as companies continue to stifle investment in a context of economic growth. Brexit uncertainty and the possibility of an exit without a transaction from the European Union.
The final GDP figure for 2018 is the second lowest figure recorded by the UK economy since its decline in the fourth quarter of 2012.
The last quarter of 2018 was only beaten by the 0.1% growth recorded in the first quarter of last year. Growth in the third quarter of 2018 was 0.6%.
On an annual basis, the ONS said the economy had grown 1.4% in 2018, the lowest growth since 2012.
"GDP has slowed in the last three months of the year with steep drops in steel and steel product manufacturing and a decline in the construction sector," said Rob Kent-Smith, head of the industry. ONS GDP, in a statement.
"However, services have continued to grow, with the health sector, management consultants and information technology doing well."
While the quarterly situation is surprisingly weak, monthly data for December are even worse, with growth contracting 0.4% in the last month of the year. This may seem worrisome, but Kent-Smith wanted to downplay it.
"Declines were seen across the economy in December, but monthly data may be volatile, which means that quarterly numbers often give a better indication of the health of the economy. ", did he declare.
Read more: "Do not listen to the craziness of the Brexiteers," says Airbus CEO who threatens to pull out of the UK completely after Brexit
The ONS data on UK economic growth at the end of last year is provided less than a week after the Bank of England predicted that its rate of economic growth would be the weakest since this year's financial crisis.
The central bank lowered its economic growth forecast for the United Kingdom in 2019 to only 1.2% last week, which would be the lowest annual growth since 2009.
"The fog of Brexit is causing short-term volatility in economic data and, more fundamentally, a series of tensions in the economy," said Bank of England Governor Mark Carney at 39, a press conference.
"Although many companies are stepping up their emergency plans, the economy as a whole is still not prepared for a" no deal, "" no transition outing. "
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