UK Economy at Risk of Recession After Surprise Third Quarter Decline

Published on December 22, 2023

The UK is at risk of falling into a recession after revised official figures show the economy declined between July and September. Gross domestic product (GDP) fell by a revised 0.1 percent against the zero growth initially estimated, the Office for National Statistics (ONS) said. It also flatlined during the second quarter of the year, after prior estimates showed 0.2 percent growth, painting a bleaker picture for the overall economy. The changed figures come after the ONS said GDP declined by 0.3 percent during October, a worse reading than economists had predicted. If GDP contracts between October and December then the economy will have entered a technical recession, which can be defined as two consecutive quarters of negative growth....

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