UK eyes recession after third quarter GDP revised to -0.1%

Britain's GDP contracted by 0.1% in the third quarter compared to the previous three months as Europe's second-largest economy stagnated, according to revised data from the Office for National Statistics, leaving the country on the brink. From technical stagnation. The UK Statistics Office's downgrade of growth estimates confirms a much more negative development in economic activity than initially estimated, with estimates so far suggesting that UK GDP remained stagnant in the third quarter and that it grew by 0.2% between April. And June. The economic contraction in the third quarter reflects a decline of 0.2% in the services sector, which offsets the expansion of 0.1% in the manufacturing sector and 0.4% in the construction sector. ? With GDP falling by 0.1% between July and September, the UK joins the eurozone, which also suffered a similar contraction in the third quarter, with both economies a step away from the 1.2% expansion in the US. Likewise, facing the fourth quarter, the UK's GDP in October suffered a contraction of 0.3%, while compared to October last year, the second-largest European economy grew by 0.3%.

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