The UK edges closer to recession as new data shows economy shrinking
CNN
The United Kingdom’s economy shrank in the third quarter of this year, according to revised official data, stoking concerns that it could be heading for a recession.
The United Kingdom’s economy shrank in the third quarter of this year, according to revised official data, stoking concerns that it could be heading for a shallow recession. The country’s gross domestic product fell by 0.1% in the three months to the end of September, compared with an initial estimate of no change, the Office for National Statistics said on Friday. GDP data for the preceding quarter was also revised down to show no growth, compared with a previous estimate that the economy had expanded by 0.2% in the April-June period. The ONS said output in the dominant services sector fell 0.2% in the third quarter, offsetting increases in construction and manufacturing. Consumer spending dropped 0.5% over the same period, a slightly bigger decline than the 0.4% the ONS had initially estimated. Some analysts think the UK economy — grappling with inflation that remains high by international comparison and weighed down by elevated borrowing costs — could be flirting with a recession. A recession is commonly defined as two consecutive quarters of economic contraction.
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