World Economy

UK Growth Slows

UK Growth SlowsUK Growth Slows

The pound fell for a second day after a report confirmed UK economic growth slowed in the third quarter, Bloomberg reported. Sterling was set to decline for a second week versus the dollar amid speculation the state of the economy means any interest-rate increases from the Bank of England will be gradual. Gross domestic product expanded 0.5% in the three months through September, matching the initial reading from the Office for National Statistics but slower than the 0.7% increase in the previous quarter. The pound dropped 0.3% on Friday to $1.50 after sliding 0.2% on Thursday. Britain’s currency has fallen 0.8% this week, the most since Nov. 6.