The UK economy flatlined between July and September, compared with the previous three months, as the impact of high interest rates and inflation weighed on consumers and businesses.
Zero growth in gross domestic product in the third quarter followed 0.2% growth in the second quarter, the Office for National Statistics said.
It was slightly better than the 0.1% contraction predicted by economists polled by Reuters.
Indicators from private sector surveys have shown the manufacturing sector in recession, construction work in a slump and the services sector struggling to grow amid a shortage of skilled workers.
The Bank of England last week left interest rates unchanged at 5.25% for a second consecutive time, amid signs the economy is weakening.
It had previously raised interest rates 14 times since the end of 2021.
The original article contains 146 words, the summary contains 131 words. Saved 10%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The UK economy flatlined between July and September, compared with the previous three months, as the impact of high interest rates and inflation weighed on consumers and businesses.
Zero growth in gross domestic product in the third quarter followed 0.2% growth in the second quarter, the Office for National Statistics said.
It was slightly better than the 0.1% contraction predicted by economists polled by Reuters.
Indicators from private sector surveys have shown the manufacturing sector in recession, construction work in a slump and the services sector struggling to grow amid a shortage of skilled workers.
The Bank of England last week left interest rates unchanged at 5.25% for a second consecutive time, amid signs the economy is weakening.
It had previously raised interest rates 14 times since the end of 2021.
The original article contains 146 words, the summary contains 131 words. Saved 10%. I’m a bot and I’m open source!