British economy recovers by retail sudden rise

A Bloomberg report said that the British economy unexpectedly contracted in the third quarter, but the sudden rise in retail sales last November gave some celebrations.

Updated official data showed that Britain’s gross domestic product contracted in the period from July to September after stabilizing in the previous three months, indicating that the economy may now have entered a recession.

According to Reuters, the National Statistics Office said on Friday that the country’s gross domestic product contracted by 0.1% in the third quarter. The office previously estimated that the economy would not witness any change compared to the previous three months. The office stated in its estimates that the gross domestic product in the second quarter did not achieve any growth, in a downward revision from its previous estimate that it would grow by 0.2%.

However, separate data showed that retail sales in November jumped more than expected and rose 1.3% from October. The pound sterling rose against the dollar and the euro after the release of these data.