The UK economy's growth slowed to 0.1% in the third quarter, official figures confirmed. The Office for National Statistics (ONS) pinpointed a cyber attack at Jaguar Land Rover as a key factor dragging down manufacturing activity between July and September.
The ONS also revised second-quarter growth downward to 0.2% from a previous estimate of 0.3%. Despite the slowdown, overall UK growth for 2024 remained unchanged at 1.1%.
Manufacturing hit by cyber incident
The cyber attack at Jaguar Land Rover directly impacted car manufacturing output during the third quarter. Liz McKeown, ONS director of economic statistics, said regarding the updated figures: «Today's updated figures paint the same picture as our initial estimate, with growth continuing to slow in the third quarter. Growth in services were partially offset by falls in production, with a marked drop in car manufacturing.»
Growth for the final quarter of last year was revised upward to 0.3% from 0.2%.
G7 ranking
Despite the downward revisions, the UK economy ranked as the joint fastest growing in the G7 group of countries alongside Japan, with 0.9% growth. The US followed behind both nations.
Note: This article was created with Artificial Intelligence (AI).
