Britain's economy contracted more than expected in the July-September period, and its growth was weaker than previously forecast for most of the past year, according to official data published today, DPA reported.

Britain's Office for National Statistics (ONS) said the country's gross domestic product (GDP) fell by an adjusted 0.3 percent in the third quarter of 2022, compared with an initial forecast of a 0.2 percent decline.

The British economy grew in the first half of the year at a slower pace than initial estimates, the statistics agency also informed.

The adjusted figures show Britain achieved a marginal economic growth of 0.6 per cent in the first quarter of the year and 0.1 per cent in the second quarter.

Earlier, the Office for National Statistics estimated UK economic growth at 0.7 per cent in the first quarter and 0.2 per cent in the second quarter.

These negative results support fears that Great Britain is expected to fall into recession, DPA notes.

UK inflation slows in November

The statistics office also reported that UK GDP growth was smaller in the first, second, third and fourth quarters of 2021, at 0.8 per cent below the pre-pandemic level, compared to previous estimates of a 0.4 per cent fall.

"Our revised data shows that the economy performed slightly weaker last year than we had previously forecast, with a significant slowdown in manufacturing and power generation," said Darren Morgan, director of the Economic Statistics Division at the Office for National Statistics. 

"The purchasing power of household incomes continues to decline, albeit at a slower pace than in the previous two quarters. At the same time, adjusted for inflation, household spending is falling for the first time since the last lockdown during the COVID-19 pandemic , in the spring of 2021," adds Morgan. 

Great Britain

economy