UK economy shrank more than thought in third quarter

LONDON (AP) — The U.K. economy contracted by more than earlier estimates between July and September, according to revised figures from the Office for National Statistics. Gross domestic product fell by a revised 0.3% in the third quarter of 2022 against the estimated 0.2% decline, while growth figures for the first half of 2022 were also revised down. The ONS additionally reported that GDP is now estimated to be 0.8% below pre-pandemic levels, revised down from the previous estimate of 0.4% below. The figures paint a grim picture, with the U.K. forecast to fall into recession in the final quarter of 2022 and households already feeling the impact of soaring inflation.