Updated: 5th April 2020
The UK economy has avoided recession by growing at a pace of 0.3 per cent in the third quarter of this year.
However, in terms of GDP, the annual growth rate was tracked at just 1 per cent nationwide at the end of Q3, which is slower than any pace recorded since 2010.
Before 2016 and the Brexit referendum, the economy was typically growing at a pace of around 2 per cent annually but expansion has been more difficult to come by in recent quarters.
Indeed, there had been fears that the economy would officially fall into recession by recording two consecutive full quarters of GDP contraction.
The three months to the end of June this year saw the economy shrink by 0.2 per cent, with that negative performance blamed in large part on the uncertainty around Brexit and the UK’s position in relation to the European Union.
Activity within the service sector was credited as being the driving force behind the third quarter growth recorded by the Office for National Statistics (ONS), which describes GDP as having grown “steadily” in the period.