Statistics reveal that national output slumped 0.3% in Q3
Official figures confirmed that the UK economy is still in a recession, although GDP has not dropped as much as initially expected.
Revised national output figures from the Office for National Statistics showed the economy contracted by 0.3% between July and September.
The revised figure is an improvement from the preliminary reading last month of a 0.4% contraction in the third quarter, although it was not drastically different.
The data is still much worse than economists had predicted which was that the ONS figures were likely to be revised upwards—perhaps even indicating that the economy had emerged from the slump.
The latest confirmation of output figures dashed these hopes.