UK economy shrinks by 0.2% in Q3 at start of expected long recession
2022.11.11 02:20
© Reuters. FILE PHOTO: People walk across Millennium Bridge with the City of London financial district seen behind, amid the coronavirus disease (COVID-19) pandemic, in London, Britain, January 20, 2021. REUTERS/Hannah McKay
LONDON (Reuters) – Britain’s economy shrank by 0.2% in the three months to September, according to official data which is expected to represent the start a lengthy recession.
A Reuters poll of economists had pointed to a bigger contraction of 0.5% in gross domestic product in the third quarter.
The Bank of England said last week that Britain’s economy was set to go into a two-year recession if interest rates rose as much as investors had been pricing. Even without further rate hikes, the economy would shrink in five of the six quarters until the end of 2023, it said.
