Revised official figures from the Office for National Statistics (ONS) indicate that the UK economy shrank by 0.1% in the third quarter of 2023, down from the initial estimate of zero growth. This raises concerns about the possibility of the UK entering a technical recession if there is negative growth in the current quarter (Oct - Dec). Finance minister Jeremy Hunt has suggested that the Bank of England might cut interest rates to boost growth. The revised figures highlight the country's struggle to overcome its low-growth performance and the potential impact on living standards and the government. Chief Economic adviser Vicky Pryce expressed concern over the possibility of the UK already being in recession based on the latest ONS figures.
UK likely in recession – data Revised official statistics show a GDP contraction in the third quarter https://t.co/txxeDjFmHh https://t.co/Wjl0bCoWOC
‘If there is another revision from the data we’ve got at present, we might find over the last couple of quarters we were in recession already, and that’s a concern.’ Chief Economic adviser Vicky Pryce details the latest ONS figures as GDP fell by 0.1% between July and September. https://t.co/zLBtguLbDv
WATCH: Recession looms over UK as figures show the country's economy shrank in the third quarter https://t.co/dtPZNpEncf https://t.co/FX08zutmVe
Recession looms over UK as figures show the country's economy shrank in the third quarter https://t.co/Swjrmsw3JF https://t.co/8u9VscyFWb
WATCH: UK economy shrinks in the third quarter, recession looms https://t.co/dtPZNpDPmH https://t.co/Vu4s7M9nPm
UK economy shrinks in the third quarter, recession looms https://t.co/Swjrmsw3JF https://t.co/vh9JqIKWeV
WATCH: Britain's economy faces recession as economy shrinks in the third quarter https://t.co/dtPZNpDPmH https://t.co/sQ37hnYACS
Britain's economy faces recession as economy shrinks in the third quarter https://t.co/SwjrmswBzd https://t.co/eYQxj8blVT
WATCH; Britain's economy might be in a recession, according to data that showed it shrank between July and September https://t.co/dtPZNpDPmH https://t.co/hL2SeMM2tv
Britain's economy might be in a recession, according to data that showed it shrank between July and September https://t.co/SwjrmswBzd https://t.co/t8Mq4vYQP1
Whether or not the UK is actually in a recession is live question as 2023 draws to a close, which tells you all you need to know about the state of the economy https://t.co/a0XlzPYceF via @John_Stepek https://t.co/cVRH2Nn0E7
UK economy shrinks before election year https://t.co/d3qadVjvye
Britain's economy might be in a recession, according to data that showed it shrank between July and September, shortly after finance minister Jeremy Hunt took the rare step of suggesting the Bank of England might cut interest rates to boost growth https://t.co/JKY7KIJplB
UK recession might be under way after economy shrinks in Q3 - Reuters https://t.co/hi3jaadR4w
UK economy shrinks in the 3rd quarter, raising recession risk https://t.co/aTE13xA3H4 via @tomelleryrees @PhilAldrick @LucyGJWhite https://t.co/jmlAqhX5uk
UK economy unexpectedly shrinks in third quarter to raise prospect of recession – what it means for your money https://t.co/hhA4oKgFU8 https://t.co/hhA4oKgFU8
Britain's economy might now be in a recession according to data which showed output shrank in the July-to-September period, shortly after finance minister Jeremy Hunt suggested the Bank of England might cut interest rates to help boost growth https://t.co/CJl043DGnl
Breaking news: The UK economy shrank slightly in the third quarter, according to revised figures, highlighting the country’s struggle to shake off its low-growth performance https://t.co/t3lYLfEL41 https://t.co/vfIarMtW75
📉 Britain at risk of recession as growth revised down. New ONS figures show economy shrank between July and September. Read more ⬇️ https://t.co/iCp97fWnXE
Britain's gross domestic product shrank in the July-to-September period and was flat in the previous three months, according to updated official figures that suggested the economy might now be in a recession. More here: https://t.co/lb2he8GZLP
Britain's gross domestic product shrank in the July-to-September period and was flat in the previous three months, according to updated official figures that suggested the economy might now be in a recession https://t.co/8L6cKVOCGt
Merry Xmas everyone! The UK might be in recession after downgrade to Q3 data this morn. We warned there was a risk of this earlier this week. Fortunately inflation and rate expectations are starting to go in the right direction 👇 https://t.co/88MybnIHx5 via @economics
UK moves closer towards recession after economy shrinks in third quarter https://t.co/J16DrQzsWD
BREAKING: The 🇬🇧 UK's economy shrank 0.1% in the third quarter of 2023
UK at risk of recession after revised figures show the economy shrank between July and September https://t.co/gHlOiWmNv5
UK on the brink of recession as revised data shows economy shrank 0.1% in third quarter https://t.co/FdvOQba5i8
UK economy shrinks in Q3, suggesting recession might have begun https://t.co/X8zyPqa2ab https://t.co/onijyqfV66
UK economy shrinks in third quarter https://t.co/Qu6YtGL0Mw
NEW: ONS revises down initial estimate of UK growth from 0 to -0.1% for July to Sept (quarter 3). If there’s negative growth this quarter (Oct - Dec) too then UK will be in technical recession. https://t.co/IdwdbXZpEE
BREAKING: UK economy at risk of recession, official figures reveal. @IanKingSky has the latest. Read more: https://t.co/wY9LUs0lfE 📺 Sky 501, Virgin 602, Freeview 233 and YouTube https://t.co/61DfD56wsH
BREAKING: UK economy at risk of recession, official figures reveal Read more👇 https://t.co/a98ZG77IET
The UK economy shrank in the third quarter, raising the possibility that Britain is already in a recession https://t.co/ggXortaQ0y
Oh dear @ONS revises its initial estimate of UK gross domestic product growth in Q3 down from zero to -0.1%. Means Britain might be in technical recession, if GDP suffers another quarter of contraction (the one we're in now). https://t.co/sZY9ADQu6O https://t.co/5fftrkhXWm
BREAKING: Revised GDP data shows the UK economy shrank 0.1% in the third quarter, putting it at risk of a recession. Markets Today has the latest https://t.co/E1zIckkUuM https://t.co/JaXUtmg7fu
BREAKING: The UK economy contracted between July and September, with gross domestic product falling by a revised 0.1% against the zero growth initially estimated, the Office for National Statistics has said. https://t.co/U1DYn4HLuh
#Breaking The UK economy contracted between July and September, with gross domestic product falling by a revised 0.1% against the zero growth initially estimated, the Office for National Statistics has said https://t.co/Yfgo54iZaf
NEW UK Q3 GDP revised down to a small fall -0.1% from flat and Q2 to zero from 0.2%… a narrow avoid of mild technical recession earlier in 2023, and not ruled out for q4.
NEW: Economic growth between Apr and Sep revised DOWN by the ONS New figures show the economy had zero growth in Q2 and SHRUNK in Q3 raising the risk the UK is in recession after the economy contracted in Oct as well Bad news for living standards and the govt ofc https://t.co/CEzcHCm7KY