Britain’s economy contracted by a little more than first estimated in the third quarter of this year, and business investment performed poorly.
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
Darren Morgan, ONS director of economic statistics, said: “Our revised figures show the economy performed slightly less well over the last year than we previously estimated, with manufacturing and electricity generation notably weaker.
“Household incomes continued to fall in real terms, albeit at a slower rate than in the previous two quarters, while – taking account of inflation – household spending fell for the first time since the final Covid-19 lockdown in the spring of 2021.”
