UK economy contracts 0.2% in 3rd quarter

ANKARA (AA) – The British economy shrank 0.2% in the third quarter of 2022, compared to the previous three-month period, according to provisional data released on Friday.

The decline followed a growth of 0.2% in the second quarter, the Office of National Statistics (ONS) said.

The third quarter figure was better than the market estimate of a 0.5% contraction.

Production fell 1.5% in July-September, while output in consumer-facing services was flat. Construction output rose 0.6% in the same period.

On an annual basis, the UK economy grew 2.4% in three months to September, easing from a 4.4% growth in April-June.