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The UK economy shrank in the third quarter, raising the possibility that Britain is already in a recession. Revised figures Friday showed GDP dropped 0.1% from the second quarter, a downgrade from the zero growth initially estimated. Economists had expected the second estimate to be unchanged.
The ONS also downgraded its GDP figure for the second quarter, saying there was no growth compared to the 0.2% expansion in output previously estimated.
The revision to the third quarter puts the UK at risk of a technical recession two quarters of falling GDP or an even longer slump. The figures could increase the pressure on the BOE to pivot to rate cuts sooner as momentum in the economy dwindles.
The ONS also downgraded its GDP figure for the second quarter, saying there was no growth compared to the 0.2% expansion in output previously estimated.
The revision to the third quarter puts the UK at risk of a technical recession two quarters of falling GDP or an even longer slump. The figures could increase the pressure on the BOE to pivot to rate cuts sooner as momentum in the economy dwindles.
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