UK GDP contracted by 0.3% in the third quarter, lower than Q2 performance and original expectations.

(Bloomberg)

[Financial Channel/Comprehensive Report] The British Office for National Statistics (ONS) said that the UK’s GDP contracted by 0.3% in the third quarter, exceeding the original estimate of -0.2%. In particular, the output value of the manufacturing and construction industries has slowed down. The worst economic performance among countries in the Group of Large Industrial Countries).

Gabriella Dickens, an economist at economic research consultancy Pantheon Macroeconomics, said the U.K. economy is expected to face the worst economic crisis among advanced nations by 2023, Reuters reported, as debt interest payments and energy subsidies put public finances under increasing pressure. recession.

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The ONS said Britain's Q3 economic output was 0.8% below its level at the end of 2019, in stark contrast to other G7 countries whose economies are gradually recovering.

According to a Reuters survey, most economists predict that the UK's GDP will contract again this quarter, confirming the fact that the UK economy is heading for recession.

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