UK Economy Contracts in Q3, ONS Reports
According to data published on Sunday by the Office for National Statistics (ONS), the British economy experienced a contraction in the third quarter.
Preliminary estimates of Gross Domestic Product (GDP) growth for the period from July to September, released in November, had indicated a slight increase of 0.1%. However, the ONS has revised this figure to 0% for the same period. Furthermore, the ONS has also revised downwards the estimate of GDP growth for the second quarter, from 0.5% to 0.4%.
The Bank of England had also anticipated last week that no growth would be observed in the fourth quarter, while maintaining stable interest rates due to persistent risks related to inflation.
In addition, the ONS noted that the UK's current account deficit decreased, reaching £18.1 billion (approximately €21.82 billion) in the third quarter, compared to £24 billion in the previous quarter.
