UK economy contracts by more than first thought in third quarter as it heads for recession

The News Craving

By Emily Hawkins The UK economy contracted by more than first thought in the third quarter, with gross domestic product (GDP) dropping by a higher revised amount. GDP fell by a revised 0.3 per cent, compared to an initial estimation of a 0.2 per cent decline, fresh figures from the Office for National Statistics revealed on Thursday. It comes as the country is headed for a recession, with a protracted downturn forecast for the second half of this year by the Bank of England. The services sector grew its output by 0.1 per cent while the production sector dropped by 2.5 per cent, during the July…

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