The UK economy has grown at its slowest rate in over a decade, a major new study has revealed.
The finding forms part of annual growth data published by the Office for National Statistics (ONS).
According to the report, the economy suffered its “worst three months” since 2009 as output growth fell among several major industries.
The figures show that output growth in the three months to October 2019 fell by 0.7 per cent in the manufacturing industry by 0.3 per cent in the construction sphere.
Only the UK’s resilient services sector, which includes retail, hospitality, real estate, and other tertiary industries, experienced growth, rising a tepid 0.2 per cent.
Commenting on the data, the report authors said there had been “a notable drop in housebuilding and infrastructure in October”.
“The UK economy saw no growth in the latest three months. There were increases across the services sector, offset by falls in manufacturing with factories continuing the weak performance seen since April,” said the ONS.
Britain’s goods trade deficit, meanwhile, deepened “more than expected” over the same period, jumping from £11.5 billion in September to £14.5 billion in October.
As growth figures slump, experts predict that a Bank of England (BoE) interest rate cut is looking ever more likely.
“Our economy continues to disappoint badly, which will probably bring a Bank of England interest rate cut much closer especially if Thursday’s election turns out very inconclusive,” said Professor Costas Milas, of the University of Liverpool’s management school.