UK economy shrinks more than forecast in Q3

The UK economy's third-quarter growth data has been revised downwards. The country is expected to enter a recession due to uncertainties in the short-term economic outlook. According to the UK Statistics Office, the economy shrank by 0.3 percent in the July-September period. The previous estimate was 0.2 percent. The growth data was also revised from 2.4 percent to 1.9 percent on an annual basis. While the service sector grew by 0.1 percent, production fell by 2.5 percent. Annual growth in the second quarter was 4 percent. The economy also contracted by 0.1 percent quarterly in the second quarter of this year. With today's data, the country's economy is expected to enter a recession by the end of 2024. Again, according to the data released today, the current account deficit narrowed sharply due to the increase in exports and reached 19.4 billion dollars.