UK economy stagnates in third quarter

(Sharecast News) - The UK economy stagnated in the third quarter of the year, according to figures released on Monday by the Office for National Statistics. The economy showed no growth, down from a previous estimate of 0.1% growth.

The ONS also revised its estimate for growth in April to June to 0.4%, down from 0.5% initially estimated.

Liz McKeown, director of economic statistics at the ONS, said: "The economy was weaker in the second and third quarters of this year than our initial estimates suggested with bars and restaurants, legal firms and advertising, in particular, performing less well.

"The household saving ratio fell a little in the latest period, though remains relatively high by historic standards. Meanwhile real household disposable income per head showed no growth."