United Kingdom's economy stagnates in Q3 - Breaking The News

United Kingdom's economy stagnates in Q3

10 November

1 min read

EPA-EFE/NEIL HALL

The United Kingdom's gross domestic product (GDP) is said to have shown no growth during the third quarter, the country's Office for National Statistics (ONS) revealed in its first estimate on Friday.

The services sector in the United Kingdom contracted by 0.1% following no growth in the last quarter. The largest contributors to the downward trend were real estate activities, transportation, and the storage subsector. The production sector also observed no expansion during the reported quarter.

On an annual basis, Britain's economy is estimated to have climbed 0.6% compared to the third quarter of 2022. Meanwhile, the ONS forecast showed the UK economy grew by 0.2% in September on a monthly basis.

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