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The Office for National Statistics released its U.K. GDP data on Tuesday. The preliminary U.K. gross domestic product (GDP) climbed 0.5% in the third quarter, missing expectations for a 0.6% gain, after a 0.7% rise in the second quarter. It was the slowest pace since the fourth quarter of 2012.
The slow pace of the growth was driven by weak output in the construction and manufacturing sectors. Construction fell 2.2% in the third quarter, production declined 0.3%, while services rose 0.7%.
"The economy overall is still expanding steadily. However, the sectoral pattern is mixed," the ONS chief economist Joe Grice said.
On a yearly basis, the preliminary U.K. GDP increased 2.3% in the third quarter, missing forecasts of a 2.4% rise, after a 2.4% gain in the second quarter.
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