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READ MOREUK braces for recession after recovery from pandemic weaker than thought
Britain’s recovery from the Covid-19 pandemic has been even weaker than originally believed and is the only member of the G7 group of leading industrial countries where output is still below its pre-crisis level.
The Office for National Statistics said the UK economy contracted by 0.3% in the three months to September – compared with an original estimate of a 0.2% decline. The ONS also revised down growth in every quarter stretching back to the third quarter of 2021.
As a result, the UK’s gross domestic product is now estimated to be 0.8% lower in the third quarter of 2022 than in the final three months of 2019 – the period immediately before the start of the disruption caused by Covid.
Previously, the ONS had estimated the UK was operating 0.4% below its pre-pandemic level, and according to the latest data it is now the only G7 country that has yet to recover ground lost when the global economy was locked down in 2020.
Read more at The Guardian
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