UK economy on track to dodge pre-Brexit recession despite weak August
LONDON - Britain’s sluggish economy looks to have dodged recession in the run-up to its deadline for leaving the European Union this month, official data showed on Thursday.
However, the stronger performance largely reflected data revisions to earlier months and the most recent figures were weak. Two consecutive quarters of contraction would mean Britain’s economy met a commonly used definition of recession, but the ONS said the economy would need to shrink by an almost unprecedented 1.5% in September alone for this to happen.
The Bank of England predicted last month that Britain’s economy would manage growth of 0.2% in the third quarter, bolstered in part by higher public spending. “Growth increased in the last three months, despite a weak performance across manufacturing, with TV and film production helping to boost the services sector,” ONS statistician Rob Kent-Smith said.
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