U.K. Economic Growth Revised Down to 0.4 Percent for 3Q

Britain’s economy grew by less than previously thought during the third quarter.

Official figures show that Britain’s economy grew by 0.4 percent in the third quarter of the year from the previous three-month period. That was down from the previous estimate of 0.5 percent.

The Office for National Statistics blamed a weaker performance from the services sector for the downward revision. It also revised down its second-quarter estimate from 0.7 percent to 0.5 percent.

The consensus in the markets was for no change in the previous estimates.

Despite the downward revisions, Britain’s economy remains one of the best-performing in the developed world. It has now expanded for 11 quarters in a row.

The Treasury said Britain’s economy remained strong although Wednesday’s figures highlighted that risks remain.