Third quarter economic slowdown to be temporary, NIESR says

Britain’s economy continued growing in the third quarter at its more recent subdued pace, but that was not expected to last, a leading economic think-tank said.

Gross domestic product expanded at a 0.5% quarter-on-quarter clip in the three months to September, the same as over the preceding three months, according to the National Institute of Economic and Social Research.

“Economic growth remains reasonable and, although we do not expect the Bank of England’s Monetary Policy Committee to vote to raise rates at its October meeting, we continue to expect the first rise in Bank Rate in the first half of 2016.”

NIESR forecast GDP would expand by 2.5% this year and 2.4% in 2016.