In the latest update on the UK's Q3 GDP released last Friday, the economy expanded by 0.3% y/y, a result twice as weak as anticipated. On a quarterly basis, the GDP declined by 0.1%, deviating from the expected zero value and the 0.2% economic growth observed in the previous quarter.
Viewed from a global perspective, the data reflects a negative trend. The economic slowdown in the UK is attributed to subdued consumer spending influenced by aggressive inflation and the enduring consequences of Brexit.
Despite these challenges, there is a glimmer of optimism in the retail sector, as UK retail sales saw a 1.3% m/m increase in November.