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

12:39 GMT, 3 November 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.

Sputnik

"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.