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Economy growth estimated at 0.7 percent

A shopping mall in a file image. The economy grew by 0.7 percent in the three months to end-October, decelerating from growth of 0.8 percent in the three months to end-September, the National Institute of Economic and Social Research said on Tuesday. REUTERS/File

LONDON (Reuters) - The economy grew by 0.7 percent in the three months to end-October, decelerating from growth of 0.8 percent in the three months to end-September, the National Institute of Economic and Social Research said on Tuesday.

“The September industrial production figures show slightly weaker manufacturing output and this depresses our estimate of the rolling three-month growth rate,” the NIESR said in a statement.

The think tank said the economic impact of the recent credit crisis was difficult to judge but it reckoned growth was likely to slow going into the end of the year.

“We do expect to see slower growth in the economy as a whole in the periods ending in November and December.”

Data from the Office for National Statistics showed Britain’s economy grew by 0.8 percent quarter-on-quarter in the August to September period, notching up growth above its long-term average for a seventh consecutive quarter.

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