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UK shows no growth during third quarter of 2023
UK GDP is estimated to have shown no growth in the third quarter of 2023, according to the Office for National Statistics’ (ONS) latest figures.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
This followed an increase of 0.2% in the previous quarter of this year. However, when compared to the third quarter a year ago, GDP is estimated to have increased by 0.6% – with the third quarter of last year seeing an additional bank holiday due to the state funeral of Queen Elizabeth II resulting in many businesses closing or operating differently on this day.
Focusing on the state of the economy between July and September, third quarter stagnation in growth also means the UK economy failed to grow for the first time since the third quarter of 2022. As for September, the UK’s GDP is estimated to have grown by 0.2% September – following growth of 0.1% in August.
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