Europe slows

The UK economy slowed slightly in the third quarter. From the Office for National Statistics:

GDP rose by 0.7 per cent in the third quarter of 2007, down from 0.8 per cent in the second quarter and revised down by 0.1 per cent compared with the preliminary estimate. The level of GDP is now 3.2 per cent higher than the third quarter of 2006.

Growth in the euro area also appears to be slowing. From Bloomberg:

European service industries from airlines to banks expanded at the slowest pace in two years in November after the U.S. housing slump increased the cost of credit and oil prices approached $100 a barrel.

Royal Bank of Scotland Group Plc's services index fell to 53.7 from 55.8 in October, according to a preliminary estimate...

A composite measure of services and manufacturing fell to 53.8 from 54.7. The manufacturing index rose to 52.6 from 51.5, according to the report, which is based on a survey of purchasing managers by NTC Economics Ltd...

French consumer spending on manufactured goods fell by the most in 13 months in October, Insee, the Paris-based national statistics office, said today.