UK Q3 GDP Down 0.1% QoQ... Below Expectations

Rishi Sunak, Prime Minister of the United Kingdom
[Photo by Yonhap News]

The final figure for the UK's third-quarter Gross Domestic Product (GDP) showed a somewhat weaker performance compared to the preliminary estimate.

The UK Office for National Statistics (ONS) announced on the 22nd (local time) that the GDP for the third quarter of this year contracted by 0.1% compared to the previous quarter. This was a decline from the expected 0% growth.

The ONS explained that the cause of the contraction was weaker-than-expected growth rates in sectors such as film production, engineering, design, and telecommunications.

The ONS also revised the second-quarter GDP growth down from the previously reported 0.2% increase to 0.0%.