The British economy contracted at a faster rate than expected during the third quarter of 2022, affected by slowdown in corporate investment and lower household income.
According to Arabiya Net, the gross domestic product decreased by 0.3% during the third quarter ending in September 2022, compared to previous expectations of a contraction of 0.2%, according to data from the British National Statistics Office.
The size of the British economy is currently about 0.8% lower than the pre-pandemic level, and the UK is expected to fall into recession during the last three months of the year in light of the impact of rising prices on growth.
It is noteworthy that the British government aid allocated to energy and the cost of living in November led to a rise in the volume of borrowing to 22 billion pounds sterling, an increase of 13.9 billion from what was a year ago, according to the National Office for Statistics.
The Office for National Statistics said in a statement that this is the highest level of borrowing for the month of November since these monthly figures began being recorded in 1993. It came much higher than economists' expectations.
