The United Kingdom looks into recession after the fall of 0.2% of GDP in the third quarter

MADRID, 11 Nov.

The United Kingdom looks into recession after the fall of 0.2% of GDP in the third quarter

MADRID, 11 Nov. (EUROPA PRESS) -

The gross domestic product (GDP) of the United Kingdom registered a contraction of 0.2% in the third quarter of 2022 compared to the previous three months, when it had grown by 0.2%, according to the preliminary estimate published by the National Office of Statistics (ONS).

The fall in GDP in the quarter reflects the impact of the 0.6% contraction during the month of September, when the state funeral in honor of Elizabeth II affected business activity.

"It is important to note that the data for September 2022 is affected by the bank holiday for the State Funeral of Her Majesty Queen Elizabeth II, where some businesses closed or operated differently on this day," the British statistical office explained.

In this way, the second largest economy in Europe was in the third quarter of 2022 still 0.4% below the level of the fourth quarter of 2019, the last complete one before the Covid-19 pandemic.

Compared to the 0.2% drop in UK GDP in the third quarter of 2022, the US economy grew by 0.6%, while that of the euro zone expanded by 0.2%.

NEXT NEWS