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British GDP grows by 0.4% in Q3, still lags other major economies

The British economy grew by 0.4% in the third quarter, up from 0.3% growth in the second quarter, according to the National Institute of Economic and Social Research, or NIESR.

The institute noted that while economic growth edged up in the third quarter, the British economy continues to lag other major industrial economies such as the eurozone and U.S.

Robust global growth and a weaker sterling will shift the pattern of demand in the British economy to international trade, the NIESR said. The institute also said there is a strong possibility that the Bank of England will raise its policy rate in November, a move that will reverse some of the emergency stimulus that was injected into the economy following the EU referendum result last year.

The NIESR projects GDP to rise to 1.9% in 2018 from 1.7% in 2017.