UK economy shrank more than first thought in three months to September

23 Dec 2022

Data published by the Office for National Statistics (ONS) has revealed that the UK economy shrank more than previously thought in the three months to September 2022.

The data shows that the economy contracted by 0.3% during this time. Experts had predicted that it would shrink by 0.2%.

Gross Domestic Product (GDP) is currently estimated to be 0.8% below where it was before the coronavirus (COVID-19) pandemic.

'Our revised figures show the economy performed slightly less well over the last year than we previously estimated, with manufacturing notably weaker,' said Darren Morgan, Director of Economic Statistics at the ONS.

'Household incomes continued to fall in real terms, albeit at a slower rate than in the previous two quarters, while – taking account of inflation – household spending fell for the first time since the final COVID-19 lockdown in the spring of 2021.'

Additionally, the Office for Budget Responsibility (OBR) recently warned that the UK is set to experience a year-long recession.

What our clients say


Home | Contact us | Site map | Accessibility | Disclaimer | Help | © 2024 Reddy Siddiqui LLP. All rights reserved.

Reddy Siddiqui LLP, 183-189 The Vale, Acton, London W3 7RW

Reddy Siddiqui is the trading name of Reddy Siddiqui LLP, a limited liability partnership. This firm is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered office is 183-189 The Vale, London W3 7RW. Registered in England and Wales No. OC417809

We use cookies on this website, you can find more information about cookies here.