LONDON: Britain’s economy grew at the slowest annual rate in nearly a decade in the three months to the end of September, as a global slowdown and Brexit worries hit business investment and manufacturing.
Year-on-year gross domestic product growth slowed to 1.0 percent from 1.3 percent in the second quarter, Britain’s Office for National Statistics said, its lowest since the first three months of 2010 and just below economists’ forecasts in a Reuters poll of 1.1 percent.
The slowdown reflected a smaller-than-expected rebound in quarterly GDP growth after a contraction in the second quarter, when businesses faced an overhang of stocks of raw materials after Brexit was delayed from the end of March.
“Looking at the picture over the last year, growth slowed to its lowest rate in almost a decade,” an ONS spokesperson said.
During the third quarter, when Boris Johnson became prime minister, there were increasing concerns among businesses that Britain could have been heading for a no-deal Brexit on Oct. 31.
In the event, parliament forced Johnson to seek a delay and he has now called an early election for Dec. 12 in an attempt to win a large enough majority for his preferred Brexit deal before a new deadline of Jan. 31.
Gross domestic product expanded at a quarterly rate of 0.3 percent in the third quarter of 2019, below the 0.4 percent reading expected by the Bank of England, as well as by private-sector economists.
Britain’s economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 percent a year.
Last week the BoE nudged up its growth forecast for 2019 to 1.4 percent from 1.3 percent — largely because of its expectation of a bigger pick-up in the third quarter than it forecast before.
This would be the same growth rate as 2018 and the weakest since the financial crisis, while for 2020 the BoE expects a further slowdown to 1.3 percent.
On top of Brexit, businesses across Europe have been suffering spill-over from the US-China trade war.
Euro zone annual GDP growth slowed to 1.1 percent in the third quarter from 1.2 percent in the quarter before.
Monday’s data showed business investment held steady in the third quarter versus economists’ expectations for a 0.5 percent fall.
Household spending, which has been much more than resilient business investment, due to falling unemployment and rising wages, rose by 0.4 percent on the quarter while government spending increased by 0.3 percent.
Brexit worries put brakes on UK economic growth
Brexit worries put brakes on UK economic growth
- Britain’s economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2 percent a year
- Household spending, which has been much more than resilient business investment, rose by 0.4 percent on the quarter
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
