The United Kingdom’s economy advanced 0.4% in the third quarter of 2015, down 0.1% from the preliminary estimate. The growth was less than analysts expected. On a yearly basis, the British economy expanded 2.1%.
Weaker growth in the services sector, especially in financial services, was behind the lower assessment of growth, the Office for National Statistics said. However, analysts say further expansion of the UK economy is possible amid rising consumer spending.
The latest data showed household spending rose more quickly than expected in the July to September period (+0.9%) amid zero inflation and disposable income posted the biggest increase since 2010.
Experts say the data could influence the Bank of England’s decision not to raise interest rates. Still, the regulator’s move to raise rates is a matter of time. Analysts believe that the terms vary from May next year to early 2017.
