The UK economy’s third-quarter growth data was revised downwards. The country is expected to enter a recession due to uncertainties in the short-term economic outlook.
According to data from the UK Statistics Office, the economy shrank by 0.3 percent in the July-September period. The previous estimate was 0.2 percent.
Growth data was revised to 1.9 percent from 2.4 percent on an annual basis. While the service sector grew by 0.1 percent, production fell by 2.5 percent.
In the second quarter, annual growth was 4 percent. The economy contracted by 0.1 percent every quarter in the second quarter of this year.
With today’s data, the country’s economy is expected to enter a recession by the end of 2024.
Again, according to the data released today, the current account deficit narrowed sharply due to the increase in exports and became 19.4 billion dollars.
