The British economy has shrunk even more this year than previously thought, in grim news as the UK slides towards the 'worst recession of any developed country'
The Office for National Statistics said on Thursday that the UK's GDP shrank by 0.3% in the third quarter of the year, rather than 0.2% as original analysis of the figures showed.
And economists said that GDP also grew by less than previous estimates in the first half of the year.The ONS had originally said that the economy grew by 0.7% in the first quarter of 2022, and by 0.1% in the second quarter.The latest figures also show the impact of rocketing inflation on families, with household disposable income down by 0.5% in the quarter.
"Our revised figures show the economy performed slightly less well over the last year than we previously estimated," said Darren Morgan, director of economic statistics at the ONS.Inflation has also hit people's disposable income.
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