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Bank of England Forecasts UK GDP Decline at 0.5% in Q3, Says Economy in Recession

CC BY-SA 4.0 / Txllxt TxllxT/Wikimedia Commons / London Stock Exchange Tower and the Bank of England to the left
London Stock Exchange Tower and the Bank of England to the left - Sputnik International, 1920, 03.11.2022
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MOSCOW (Sputnik) - The Bank of England forecasts the country's GDP to decline by 0.5% in the third quarter of 2022, with the UK econnomy expected to remain in recession throughout 2023, according to the latest monetary policy report released on Thursday.
"As a result, the UK economy is expected to remain in recession throughout 2023 and 2024 H1, and GDP is expected to recover only gradually thereafter. Following growth of 0.2% in the second quarter, UK GDP is expected to have contracted by 0.5% in 2022 Q3, and is projected to fall by 0.3% in Q4," the report read.
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