UK Economic Gloom Deepens Before Budget

(FILES) Shoppers walk along Regent Street in London on August 15, 2025. (Photo by HENRY NICHOLLS / AFP)
(FILES) Shoppers walk along Regent Street in London on August 15, 2025. (Photo by HENRY NICHOLLS / AFP)
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UK Economic Gloom Deepens Before Budget

(FILES) Shoppers walk along Regent Street in London on August 15, 2025. (Photo by HENRY NICHOLLS / AFP)
(FILES) Shoppers walk along Regent Street in London on August 15, 2025. (Photo by HENRY NICHOLLS / AFP)

Britain's economy slowed in the third quarter, official data showed Thursday, dealing another blow to the Labour government ahead of its annual budget.

Gross domestic product grew 0.1 percent in the July-September period, down on 0.3-percent growth in the second quarter, the Office for National Statistics (ONS) said in a statement.

Analysts' consensus forecast had been for growth of 0.2 percent in the third quarter, AFP reported.

The growth figure comes after official data this week showed UK unemployment rising more than expected to 5.0 percent in the third quarter, ahead of the November 26 budget.

Prime Minister Keir Starmer's Labour party has struggled to consistently grow the economy since returning to power in July last year following 14 years of Conservative party rule.

Many analysts blame the weak growth on a decision by finance minister Rachel Reeves to increase a tax on businesses in her first budget last year.

She has indicated that taxes could rise on some salaries in the upcoming budget to help drive down government debt and to fund public services.

"There's more to do to build an economy that works for working people," Reeves said in response to Thursday's figures.

"At my budget later this month, I will take the fair decisions to build a strong economy," she added.

In September alone, the economy contracted 0.1 percent after a cyberattack on carmaker Jaguar Land Rover hit the manufacturing sector, the ONS data showed.

"Growth slowed further in the third quarter of the year with both services and construction weaker than in the previous period," said ONS director of economic statistics Liz McKeown.

"There was a particularly marked fall in car production in September, reflecting the impact of a cyber incident, as well as a decline in the often-erratic pharmaceutical industry," she added.

The latest quarterly figure was well below the 0.7-percent growth recorded in the first three months of the year.



Saudi Arabia, Japan Sign Memorandum on Peaceful Use of Space

The Saudi Space Agency signed a memorandum of cooperation with the Japanese government on the peaceful use of outer space. (SPA)
The Saudi Space Agency signed a memorandum of cooperation with the Japanese government on the peaceful use of outer space. (SPA)
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Saudi Arabia, Japan Sign Memorandum on Peaceful Use of Space

The Saudi Space Agency signed a memorandum of cooperation with the Japanese government on the peaceful use of outer space. (SPA)
The Saudi Space Agency signed a memorandum of cooperation with the Japanese government on the peaceful use of outer space. (SPA)

The Saudi Space Agency signed a memorandum of cooperation with the Japanese government on the peaceful use of outer space on the sidelines of the Saudi-Japan Ministerial Investment Forum.

The memorandum was signed with Japan’s Cabinet Office, the Ministry of Education, Culture, Sports, Science and Technology, and the Ministry of Economy, Trade and Industry, the Saudi Press Agency reported on Monday.

Minister of Communications and Information Technology and Chairman of the Board of the Saudi Space Agency Abdullah Alswaha represented the agency during the signing.

The move underscores the Kingdom’s commitment to enhancing international cooperation in peaceful space activities and supporting strategic partnerships in the sector. It aims to establish a framework for cooperation in space science and technology, capacity building, and the exchange of expertise, contributing to the development of the space sector and promoting the peaceful uses of outer space.

The Saudi Space Agency affirmed that the agreement builds on the Kingdom’s ongoing efforts to strengthen international partnerships in the space sector and to play an active role in shaping a global space ecosystem that supports research and innovation and serves humanity.


Saudi-Canadian Business Forum Explores Opportunities to Strengthen Investment

The Saudi-Canadian Business and Investment Forum was held on Sunday. (SPA)
The Saudi-Canadian Business and Investment Forum was held on Sunday. (SPA)
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Saudi-Canadian Business Forum Explores Opportunities to Strengthen Investment

The Saudi-Canadian Business and Investment Forum was held on Sunday. (SPA)
The Saudi-Canadian Business and Investment Forum was held on Sunday. (SPA)

The Saudi-Canadian Business and Investment Forum was held on Sunday in Riyadh under the “Invest Saudi” umbrella, with the participation of Minister of Investment Eng. Khalid Al-Falih, Canadian Minister of International Trade Maninder Sidhu, and several senior officials and representatives from major companies in both countries.

The forum reviewed prospects for investment partnerships across a number of key sectors, including digital transformation, infrastructure, defense, and other areas of mutual interest, with a focus on strengthening cooperation and increasing investment flows between Saudi and Canadian companies, the Saudi Press Agency reported.

Six memoranda of understanding were signed during the forum in the fields of communications, information technology, cybersecurity, education, and manufacturing. In addition, private-sector workshops were held to facilitate dialogue between investors, exchange expertise, and explore opportunities for joint ventures and long-term cooperation.


Saudia to Launch Riyadh-Kozhikode Flights in February

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
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Saudia to Launch Riyadh-Kozhikode Flights in February

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo

Saudia Airlines has added Kozhikode, India, to its network of scheduled international destinations, marking its seventh destination in the country alongside Bangalore, Mumbai, Kochi, Delhi, Hyderabad, and Lucknow, as part of the airline’s strategy to reach new international markets, connect the Kingdom to the world through its modern fleet, and strengthen its global competitive position, SPA reported.

Flights to Kozhikode will begin on February 1, 2026, with four weekly departures from King Khalid International Airport in Riyadh.

Reservations are available through the airline’s website and mobile applications.

The addition of Kozhikode further expands Saudia's growing operational network, which now covers over 100 destinations across four continents and operates more than 550 domestic and international flights daily.