The Office for National Statistics reported that the country's GDP fell by 0.1% in the July-September period.
The UK economy is on the verge of recession, a new dimension Data I'll show it GDP contracted In the third quarter of this year.
The country's National Statistics Office revised downward its previous estimates, which did not provide any growth for the economy in the July-September period. Thus, the organization stated that the UK's GDP decreased by 0.1% In the third quarter of 2023.
The reduction is due to the new assessment of the British services sector. “In terms of production, it was there A decrease of 0.2% in the services sector In the last quarter, this offset a 0.4% increase in the construction sector and a 0.1% increase in the production sector.
GDP is estimated to have declined by 0.1% in the third quarter (July to September) 2023, which was revised downward from the previous estimate of no growth.
Meanwhile, GDP is now estimated to show no growth in the second quarter, a downward revision from the previous estimate of +0.2%.
– Office for National Statistics (ONS) December 22, 2023
Likewise, it is now estimated that GDP Didn't grow In the second quarter, it was revised downward from the previous estimate of an increase of 0.2%. And in this line of economics I contracted In October 0.3%.
Against this background, the United Kingdom It will be in technical stagnation If GDP declines from October to December, as such a scenario would equate to two consecutive quarters of contraction, it confirms this. guardian.
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