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Highlights
- UK economy shrank by 0.2% in the third quarter of the year, pushing the country on the verge of a recession.
- Manufacturing drove the overall fall in the quarterly growth, and while services were flat, consumer-facing businesses performed poorly.
Amid the spiralling prices, the UK economy shrank by 0.2% in the most recent quarter, pushing the country on the verge of a recession. According to the fresh figures published by the Office for National Statistics (ONS), the UK's gross domestic product (GDP) contracted from July to September, owing to the intense cost of living squeeze, surging inflationary pressures, and increasing interest rates.
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This was in contrast with the 0.2% growth seen in the earlier quarter, with the economy still at a level 0.4% lesser as compared to the pre-Covid19 phase. The only G7 country which has reported shrinkage in the third quarter is the UK, however, Japan hasn't disclosed its figures yet.
The 0.2% shrinkage was better than what was anticipated by the economists, who were expecting a GDP fall of nearly 0.5% over the quarter. In September alone, there was a drop of 0.6% in the UK's economic growth due to the impact of the bank holiday for the Queen's state funeral.
As per ONS, various businesses were shut down or functioned differently on the day. Manufacturing drove the overall fall in the quarterly growth, and while services were flat, consumer-facing companies performed poorly.
According to a recent statement by the Bank of England, the UK economy was in place to shrink over the last quarter of the year. This suggests that the UK economy faces a recession, which could last until mid-2024. While recession alarms ring in the country, investors can keep an eye on the following stocks giving positive returns.
ME Group International plc (LON:MEGP)
The market capitalisation of one of the UK's leading operators of vending machines, ME Group International plc, stood at £359.15 million as of Friday. At around 1:30 PM (GMT) on the same day, MEGP shares were trading at GBX 95.00. The company has given a return of 53.10% on a yearly basis, while its return on YTD (year to date) as of 11 November stands at 50.67%. The company gave a positive EPS (earning per share) of 0.06 at the time of writing and had a turnover (on book) of £190,071.11.
RPS Group plc (LON:RPS)
The market capitalisation of the worldwide renowned professional services provider, RPS Group plc, stood at £616.07 million as of Friday. At around 1:30 PM (GMT) on the same day, RPS shares were trading at GBX 221.00, tumbling by 0.45%, or 1.00 point. The company has given a return of 72.39% yearly, while its return on YTD as of 11 November stands at 78.51%. The company gave a positive EPS of 0.02 at the time of writing and had a turnover (on book) of £174,372.63.
Energean plc (LON: ENOG)
The market capitalisation of the FTSE250-listed worldwide operational hydrocarbon business, Energean plc, stood at £2,640.34 million as of Friday. At around 1:30 PM (GMT) on the same day, ENOG shares were trading at GBX 1,513.00, surging by 2.02%, or 30 points. The company has given a return of 67.18% on a yearly basis, while its return on a YTD basis as of 11 November stands at 76.96%. The company gave a positive EPS of -0.54 at the time of writing and had a turnover (on book) of £1,172,462.74.
