UK economy teeters on recession following revised ONS figures

GDP shrunk in Q3

The UK economy is on the brink of recession following revised growth figures from the Office for National Statistics, which revealed flat and negative growth over the past two quarters.

Data for Q3 2023 show UK GDP fell 0.1% from July to September, revised down from a first estimate of no growth, while Q2 GDP has also been revised down from slim growth of 0.2% to zero growth. Q1 2023 and all quarters of 2022 remain unrevised on a headline level, although the ONS confirmed there were revisions to individual components. Fund managers 'most upbeat' since January 2022 but growth expectations remain pessimistic Within the economy, the services sector's output has been revised down from a 0.1% fall to a 0.2% fall over Q3, while the production and construction sectors ha...