• Prior +0.2%
  • GDP +2.4% vs +2.1% y/y expected
  • Prior +4.4%

This marks the first quarterly drop in UK GDP since Q1 last year, when another round of lockdown measures put another drag on economic activity. The fear now for the UK is that this will put a starting point to a prolonged recession across the country with services being hit hard amid the cost-of-living crisis and business investment also suffering (down 0.5% in Q3).