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A British Union flag, also known as a Union Jack, flies beside a European Union (EU) flag during ongoing pro along with anti Brexit protests outside the Houses of Parliament in London, U.K., on Tuesday, Jan. 22, 2019.
“GDP slowed inside the last three months of the year with the manufacturing of cars along with steel products seeing steep falls along with construction also declining,” ONS statistician Rob Kent-Smith said.
For 2018 as a whole, growth dropped to its lowest since 2012 at 1.4 percent, down by 1.8 percent in 2017. Exports suffered by global weakness along with consumers along with businesses grew increasingly concerned about the lack of a plan for when Britain will be due to leave the European Union on March 29.
Last week the BoE chopped its forecast for growth in which year by 0.5 percentage points to 1.2 percent, which would certainly be the weakest year since the 2009 recession.
The final months of 2018 saw concerns about a global slowdown hurt growth across major economies, due in part to trade tensions between the United States along with China, along with Brexit has remained an added challenge for Britain.
Monday’s data showed net trade lopped more than 0.1 percentage points by the fourth quarter growth rate. Falling business investment did similar damage.
Looking at December alone, the economy contracted by 0.4 percent, the biggest fall since March 2016.
Less than seven weeks before Britain will be due to leave the EU, Prime Minister Theresa May has so far failed to win parliament’s backing for the plan she agreed with Brussels to avoid reimposing checks on goods exported by Britain.