UK Economy Shrinks by More Than First Thought in Q3

Britain’s economy contracted by a little more than first estimated in the third quarter of this year, and business investment performed poorly, official data showed on Thursday, Reuters reported.

Economic output fell by 0.3% in quarterly terms during the July-September quarter, compared with a previous estimate of 0.2%, the Office for National Statistics said.

Business investment fell by 2.5% in quarterly terms, compared with a previous first estimate of a 0.5% drop.

While the dominant services sector expanded 0.1% in the quarter, declines in manufacturing and construction dragged the headline gross domestic product figure down.

The ONS said the figures put Britain bottom in the Group of Seven nations in terms of quarterly economic growth.