The U.K. economy shrank by more than first thought in the three months to September, revised figures show. BBC News reports the economy contracted by 0.3%, compared with a previous estimate of 0.2%, as business investment performed worse than first thought, the Office for National Statistics (ONS) said. Growth figures for the first half of 2022 have also been revised down.

The U.K. is forecast to fall into recession in the final three months of the year as soaring prices hit growth.
A country is considered to be in recession when its economy shrinks for two quarters in a row. 

The ONS said that gross domestic product (GDP) was now estimated to be 0.8% below where it was before the pandemic struck, revised downward from the previous estimate of 0.4% below.

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Along with its revision for the July-to-September period, the ONS said the economy also grew less than first estimated in the first half of the year — expanding by 0.6% in the first quarter and 0.1% in the second quarter. The ONS has previously said growth stood at 0.7% and 0.2% in those quarters respectively.

It is not unusual for the ONS to revise its growth estimates. It produces a first estimate of GDP about 40 days after the quarter in question, at which point only about 60% of the data is available, so the figure is revised later as more information comes in.

The U.K. is not the only country seeing its economy slow down, with the U.S. and eurozone also expected to fall into recession next year. 

Source: https://www.supplychainbrain.com/articles/36327-uk-economy-shrank-more-than-previously-thought