UK Q3 Economic Growth Rate '0.0%'... Labour Party's First Quarter in Power Shows 'Disappointing' Results

The UK's economic growth rate in the third quarter of this year has been reported to have converged to 'zero (0)'. It appears that Keir Starmer's Labour government has received a disappointing report card in its first quarter in power.

Keir Starmer, Prime Minister of the United Kingdom. Yonhap News Agency

On the 23rd (local time), the UK's Office for National Statistics (ONS) announced that it had revised down the third quarter GDP growth rate from the initial estimate of 0.1% last month to 0.0%. Previously, the second quarter growth rate was also lowered from the estimated 0.5% to 0.4%.

The ONS stated, "The economy in the second and third quarters of this year showed weaker performance than initially expected," adding, "especially the food service, legal, and advertising sectors were the most sluggish."

The outlook for the fourth quarter is also not optimistic. The Bank of England (BOE), the UK's central bank, revised its fourth quarter economic growth forecast from 0.3% growth to 0.0% on the 19th. Accordingly, the UK's economic growth rate for the second half of the year is also expected to remain at 0%.

Chancellor of the Exchequer Rachel Reeves said, "Normalizing an economy neglected for 15 years is a huge challenge for us," placing responsibility on the previous Conservative government, while also stating, "We will create sustainable long-term growth through budgets and reform plans."