UK economy contracts in Q3

The UK economy contracted by 0.1 per cent during the third quarter, according to the official data released by the Office for National Statistics (ONS).

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The data heightens concerns that the nation may be entering a recessionary phase.

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This contraction comes after the ONS revised its initial estimate, which had indicated no change in economic activity for the July-to-September period.

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Despite this, retail sales surged beyond expectations, rising by 1.3 per cent compared to October figures.

Source: Unsplash