In the News
Recession Watch - The UK Economy is Shrinking!
Here comes recession! News today that the UK economy shrank between July and September. GDP in the UK fell by 0.6% in September. This was affected by the state funeral for the Queen.
The UK has seen an actual drop in GDP (of 0.2%) in the 3rd quarter of 2022. Indeed, the UK is the only country in the G7 where the economy is shrinking.
The overall size of economy measured by an index of real GDP is still smaller than pre-pandemic.
Forecasters including economists on the BoE's Monetary Policy Committee expect this to be the start of a run of a few falling quarters and the start of prolonged recession.