Economy
UK economy stagnates in third quarter as high rates bite
Despite the poor performance, it was still slightly better than expected
The UK economy flatlined in the third quarter, reducing the risk of a 2023 recession but suggesting Britain is facing a protracted period of stagnation as higher interest rates take their toll.
Gross domestic product was unchanged from the second quarter, the Office for National Statistics said Friday. Economists surveyed by Bloomberg had forecast a 0.1 per cent decline on average. In September alone, GDP rose 0.2 per cent.
A quarter of stagnation had been ...
