The UK economy shrank more-than-expected between July and September, and growth was weaker than expected for much of last year, according to dismal official figures, as the UK is widely expected to head towards a recession.
The Office for National Statistics (ONS) said gross domestic product (GDP) fell by a revised 0.3 percent in the third quarter of 2022, from the originally estimated 0.2 percent contraction.
The ONS said the economy also grew less than initially estimated in the first half of the year, with revisions showing the UK posted growth of 0.6 per cent in the first quarter and 0.1 per cent in the second quarter.
The ONS previously said growth in those quarters was 0.7 percent and 0.2 percent, respectively.
In 2021, GDP growth will now be weaker in the third and fourth quarters.
The ONS said GDP levels are now estimated at 0.8 percent below pre-pandemic levels, revised down from the previous estimate of 0.4 percent.
Darren Morgan, director of economic statistics at the ONS, said: “Our revised figures show that the economy performed slightly less well last year than we had previously estimated, with production and power generation being significantly weaker.
“Household incomes continued to fall in real terms, albeit at a slower pace than in the previous two quarters, while household spending – adjusted for inflation – fell for the first time since the final Covid-19 lockdown in spring 2021.”
https://www.independent.ie/business/world/uk-economy-contracted-by-more-than-first-thought-in-third-quarter-42237559.html The UK economy contracted more in the third quarter than originally thought
