UK economy shrinks by more than first thought in the third quarter of this year | Business News

The UK economy contracted more than first estimated in the third quarter of this year.

A comprehensive measure of economic well-being, gross domestic product (GDP), revised down 0.3% from a decline of 0.2% initial estimate from July to September, the Office for National Statistics said.

The official definition of a recession is two consecutive quarters of negative growth. It will be achieved if the economy also contracts in the fourth quarter of this year.

Manufacturing, construction, and services all performed worse than initially thought.

Many believe UK economy fell into a recession. Groups like the Confederation of British Industry (CBI) have forecast the economy contract 0.4% next year.