UK GPD shrinks 0.3% in third quarter
UK GPD shrinks 0.3% in third...
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UK GPD shrinks 0.3% in third quarter

22 December 2022
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2 min.
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UK GPD shrinks 0.3% in third quarter

GPD in Q3

The UK economy contracted by 0.3% in the third quarter instead of the expected 0.2%. This is evidenced by a report released Thursday by the Office for National Statistics (ONS) of the United Kingdom.

In the original figures released last month, the ONS estimated that GDP contracted by 0.2% in the third quarter, but revised figures show that the UK economy took a bigger hit than expected as business investment performed poorly.

Two consecutive decreases would mean the economy is in recession.

The ONS said the economy also grew less than originally expected during the first half of the year, with revisions showing the UK showing growth of 0.6% in the first quarter and 0.1% in the second quarter.

Darren Morgan, director of ONS economic statistics, said: "Our revised figures show that the economy has performed slightly less well over the past year than we had previously anticipated, with production and electricity generation noticeably weaker."

It is worth noting that the ONS had previously stated that growth was 0.7% and 0.2% in these quarters respectively.

The biggest contributor to the decline was a third-quarter slowdown in industrial production, down 2.5%, with declines recorded across all 13 industries. The construction industry slumped by 0.2%. Real personal income fell by 0.5% from July to September, marking the fourth consecutive quarter of decline.

As emphasised by the ONS, in real terms, the kingdom's GDP in the third quarter was 0.8% lower than in the pre-pandemic fourth quarter of 2019. Previously, the figure had been expected to be slightly better, falling by just 0.4%. Against this background, economic development themes in the USA, Canada and the Eurozone exceeded the pre-pandemic level.

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