The United Kingdom is on the verge of entering recession after data showed a 0.2% contraction for its economy in the third quarter this year.
The U.K. economy contracted by 0.2% in the third quarter of 2022, according to the report by the Office for National Statistics on Friday. The contraction was fueled by a slowdown in services, production and construction industries.
The report on Friday sent the U.K. to the brink of recession, after reporting a 0.1% contraction in the second quarter of this year, but was later revised to 0.2% increase. Still, the decline in 3Q22 was better than an estimate for a 0.5% contraction by Refinitiv.