The UK economy contracted for the first time in six quarters in the three months ended September, which is likely to be the beginning of a prolonged recession as projected by the Bank of England.
Gross domestic product shrank 0.2 percent sequentially, offsetting the 0.2 percent gain in the second quarter, the first estimate from the Office for National Statistics showed Friday. However, the pace of decline was slower than the widely expected -0.5 percent.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.