UK GDP shrank more than first thought in Q3

0.3% drop

UK GDP shrank more than previously thought in Q3, the Office for National Statistics has said.

In ONS data released today (22 December), GDP was revealed to have shrunk 0.3% in Q3, up from 0.2% and below expectations. This means UK GDP still sat 0.8% below where it was at the beginning of the coronavirus pandemic (Q4 2019), making the UK the only G7 country to see a decline in GDP over the last three years. This decline was especially strong in the production sector, which saw a decline on 2.3%, including falls in all 13 manufacturing sub-sectors. Meanwhile, real household disposable income fell 0.5% in Q3, representing the fourth consecutive quarter of negative growth for t...