UK GDP shrank more than previously thought in Q3, the Office for National Statistics (ONS) has said.
In ONS data released today (22 December), GDP was revealed to have shrunk 0.3% in Q3, up from 0.2% and below expectations. This means UK GDP still sat 0.8% below where it was at the beginning of the coronavirus pandemic (Q4 2019), making the UK the only G7 country to see a decline in GDP over the last three years. This decline was especially strong in the production sector, which saw a decline on 2.3%, including falls in all 13 manufacturing sub-sectors. Meanwhile, real household disposable income fell 0.5% in Q3, representing the fourth consecutive quarter of negative growth for t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
