Latest ONS figures show UK GDP shrank more than first thought in Q3

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...