UK economy contracts in Q3

By Gokhan Ergocun

ISTANBUL (AA) - The UK economy contracted by 0.1% in the third quarter of this year versus the previous quarter, the country's statistical office revealed on Friday.

The Office for National Statistics (ONS) revised its previous forecast for the country's GDP growth figure from 0% to minus 0.1% for the third quarter.

"Revisions primarily reflect the trade-off between the timeliness and accuracy of estimates of GDP," it explained.

It also said that the country's economy grew by 0.3% in the same quarter on a yearly basis, below market expectations.

Last year, the British economy has grown by 4.3% on a yearly basis.