UK economy sinks 0.3% in Q3

EPA-EFE/MARK THOMAS

The British economy decreased by a higher-than-expected 0.3% in the third quarter of 2022 versus the previous trimester, according to the final data published by the Office for National Statistics on Thursday.

On an annual basis, the United Kingdom's GDP climbed by 1.9% in the July to September trimester, 0.5 percentage points down from the expected reading, and pulling the economy about 0.8% below the pre-pandemic level.

With the economy expected to undergo a recession, Downing Street remained busy dealing with protesters across the country demanding pay raises amid record inflation. The pound traded muted following the data after recording losses versus the euro and the dollar since the Bank of England hiked rates a week ago.

Baha Breaking News (BBN) / ND