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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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.