Britain’s economic growth slowed to 1.9% in the third quarter of 2022 on an annual basis

The pace of British GDP growth slowed in the third quarter of 2022, as the economy grew by 1.9%, compared to expectations of a growth of 2.4%, after the economy had previously recorded a growth of 4.4%.

On a quarterly basis, the UK economy contracted by 0.3%, compared to expectations for a contraction of 0.2%.

It is noteworthy that the various sectors in Britain had closed their doors in an unusual way on the day of Queen Elizabeth II’s funeral, as they did not work fully or at different times.
Household spending decreased by 1.1% and business investment decreased by 2.5%.

On the other hand, government spending increased by 0.5%, and net trade contributed positively as exports jumped by 8.9% while imports decreased by 3.6%.