Business News Asia
The Office for National Statistics (ONS) reported that the UK economy contracted more than expected in the third quarter of 2022, signaling that the UK is likely to experience a recession through 2023.
According to the report, the UK’s gross domestic product (GDP) contracted by 0.3% quarter-on-quarter in the July-September period. This was worse than the 0.2% decline initially forecast, due to poor business investment results.
Economists expect UK GDP to contract in the fourth quarter of 2022, which is considered a recession and will continue in 2023. Two quarters in a row in which GDP shrinks means that the economy is in recession.