UK economy shrank more than expected in Q3/22

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.

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