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LONDON — Revised figures from the Office for National Statistics on Thursday painted a grim picture for the U.K. economy, which was shown to have contracted by more than was initially estimated between July and September.
Gross domestic product fell by a revised 0.3% in the third quarter of 2022, against the estimated 0.2% decline, as business investment performed worse than anticipated. Growth figures for the first half of 2022 were also revised down, with figures showing the UK mustered growth of just 0.6% in the first quarter and 0.1% in the second quarter.
The ONS additionally reported that GDP is now estimated to be 0.8% below pre-pandemic levels, revised down from a prior estimate of 0.4% below.
“Our revised figures show the economy performed slightly less well over the last year than we previously estimated, with manufacturing and electricity…
