UK economy shrinks by 0.2% in Q3

Driven by manufacturing

The UK economy shrank by 0.2% in the third quarter of the year, the latest figures by the Office for National Statistics show.

GDP fell over the quarter, following a 0.2% rise in April-June. In September alone, the economy contracted by 0.6%. Growth was affected by the bank holiday for the State Funeral of Queen Elizabeth II, where some businesses closed or operated differently, the ONS said. UK economy contracts by 0.3% in August Although the quarterly figure came below economists' expectations, it still shows the UK economy is weakening amid rising interest rates and the cost-of-living crisis. Darren Morgan, director of economic statistics at the ONS, said: "With September showing a notable fall partl...