PNN – British media have reported a slowdown in the country’s economic growth and rising pressure on households.
According to the report of Pakistan News Network, citing Sky News, official data from the UK Office for National Statistics show that British households saved significantly less in the third quarter of this year in order to maintain their level of consumption, amid higher taxes and pressure on incomes.
UK gross domestic product (GDP) growth stood at just 0.1 percent during this period, down from 0.2 percent in the previous quarter, indicating a slowdown in economic growth.
Household financial indicators also show increased economic pressure on the public. The household saving ratio fell by 0.7 percentage points between July and September to 9.5 percent, the lowest level in the past year. In addition, average household income declined by 0.8 percent, compared with no change in the previous quarter.
Economic experts predict that UK economic growth will reach 1 percent next year, lower than the 1.4 percent growth recorded this year.
The UK current account deficit in the third quarter reached £12.1 billion, equivalent to 1.6 percent of GDP, marking a significant improvement compared with the second quarter, when it stood at 2.8 percent.
Sky News wrote that the figures indicate mounting financial pressure on households and a slowdown in economic momentum following a strong start to 2025.
The website Eastern Eye also quoted Liz McKeown, Director of the UK Office for National Statistics, as saying that the figures confirm the initial picture, with growth continuing to slow in the third quarter.
The data show that the UK economy is facing serious challenges, with external factors, including cyberattacks and problems in the manufacturing sector, playing a role in the slowdown in economic growth.