HomeNewsWorldUK economy contracts 0.3% in Q3 on fallout of sky-high inflation

UK economy contracts 0.3% in Q3 on fallout of sky-high inflation

Gross domestic product shrank 0.3 percent in the July-September period compared with an original reading of minus 0.2 percent, the Office for National Statistics said in a statement.

December 22, 2022 / 14:00 IST
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UK economy
UK economy

Britain's economy contracted slightly more than thought in the third quarter, revised official data showed on Thursday.

Gross domestic product shrank 0.3 percent in the July-September period compared with an original reading of minus 0.2 percent, the Office for National Statistics said in a statement.

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The ONS added that the UK economy grew weaker than expected in the first half of 2022.

It comes after the UK government said it believes the economy is already in recession on fallout from sky-high inflation.