UK economy shrinks by over first thought in Q3: data
Last updated on: 22 December,2022 04:32 pm
UK economy shrinks by over first thought in Q3: data
LONDON (Reuters) - Britain s economy contracted by a little more than first estimated in the third quarter of this year, and business investment performed poorly, official data showed on Thursday.
Economic output fell by 0.3% in quarterly terms during the July-September quarter, compared with a previous estimate of 0.2%, the Office for National Statistics said.
Business investment fell by 2.5% in quarterly terms, compared with a previous first estimate of a 0.5% drop.
While the dominant services sector expanded 0.1% in the quarter, declines in manufacturing and construction dragged the headline gross domestic product figure down.
The ONS said the figures put Britain bottom in the Group of Seven nations in terms of quarterly economic growth.