UK GDP rises by 0.7pc in Q3

UK economic growth slowed in the three months to September, with the economy expanding by 0.7 per cent, the Office for National Statistics said.

The figure was weaker than the 0.9 per cent expansion recorded for the second quarter, reports BBC.

Economists had correctly predicted that the economy would expand by 0.7 per cent in the July-to-September period.

Gross domestic product (GDP) was 3.0 per cent higher in the three months than the same period in 2013.

The third quarter figure will raise concerns that the recovery will fall victim to the slowdown affecting the eurozone.

However, the UK still looked set to be the fastest-growing advanced economy this year.

Chancellor George Osborne said that growth in manufacturing and construction as well as services was very encouraging. "The UK is leading the pack in an increasingly uncertain global economy," he added.

Shadow Chancellor Ed Balls said that the GDP figures revealed a concerning slowdown in economic growth. "Most people are still not feeling the recovery," he said.