The UK economy grew by 0.1% in the third quarter of the year, down from 0.5% in the second quarter, according to figures from the Office for National Statistics.
In a first estimate of activity in the three months to the end of September – the first quarter under a Labour government – services and manufacturing sector output slowed, indicating that uncertainty surrounding the budget and high interest rates were behind a loss of momentum since the spring.
City economists had expected quarter-on-quarter growth to be 0.2%.
Month-on-month GDP shrank by 0.1% in September, falling short of forecasts for growth of 0.2%.
Recent surveys of the economy have shown the labour market weakening and both consumer and business confidence falling ahead of the budget on 30 October.
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The Bank of England has cut interest rates twice this year, most recently last week, taking them down to 4.75%. However, borrowing costs remain high compared with pre-pandemic levels.