UK tumbles deeper into recession as economy shrinks more than expected | City & Business | Finance

The UK economy has contracted more than expected in the third quarter, new data has shown.

Figures from the Office for National Statistics found that the country’s GDP fell another point than first recorded.

The ONS initially posted a contraction rate of 0.2 percent, but today revised this figure to 0.3 percent. 

Additional figures have revealed the recession could last well into 2023.

The production sector was most profoundly affected by the third quarter decline, the ONS added. 

According to the organisation, while the services sector grew by roughly 0.1 percent, production fell by 2.5 percent.

Each of the 13 manufacturing subsections measured by the ONS also declined. 

And the construction sector saw a more gentle 0.2 percent contraction. 

More to follow…