UK economic growth slows down sharply in the third quarter

Figures released Friday show U.K. economic growth slowed down sharply in the third quarter of the year

LONDON -- U.K. economic growth slowed down sharply in the third quarter of the year, official figures showed Friday. The Office for National Statistics said growth during the July to September period was just 0.1%. That was lower than the 0.5% recorded in the previous three-month period and below market expectations for 0.2%.

The statistics agency said output in September shrank, a development that is likely to fuel accusations from critics of the new Labour government talked the economy down in its first few weeks in power.

Labour, which took office in July for the first time in 14 years, has made raising economic growth its number one priority over the next five years.

Since the global financial crisis in 2008-9, the British economy has underperformed relative to previous years.