The Welsh economy has seen the biggest contraction of any nation or region of the UK, shows latest figures from the Office fo National Statistics.
In the third quarter (Q3) of 2022 gross domestic product (GDP) – a key benchmark for the health of the economy based on the value of all goods and services produced – shrank by 2% on the previous quarter. Based on a sector analysis the biggest contraction was felt in manufacturing with a fall of nearly 10%. Only a few sectors experienced growth on the previous quarter with transport and storage and information and communication both up 4%.
Over the same period the Scottish economy shrank 0.3% while for England and Northern Ireland it remained flat.
The figures show that London outpaced any other part of the UK with GDP growing by 9%. However, only the north east and the south west in England experienced growth alongside London. The biggest decline in England was in the east Midlands at 1.6%.
Wales also had the poorest performance when comparing Q3 of 2022 with Q3 2021, with a year-on-year contraction of 2.1%. Over the same period the Scottish economy expanded by 2.6%. in England by 2.5% and in Northern Ireland by 0.8%.
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