On Thursday, the British Office of National Statistics reported that the UK economy contracted more than had previously been estimated in the third quarter, putting it farther behind other advanced economies.

According to the ONS data, economic output shrank by 0.3% over the quarter, exceeding the initial estimate of a 0.2% contraction. The worst contractions were in the manufacturing and construction sectors.

According to the report, the economy was 0.8% below its 2019 pre-pandemic level in the third quarter, whereas other countries have already regained their lost ground.

In quarterly terms, business investment fell by 2.5%, compared with the previous estimate of a 0.5% decline.

Gabriella Dickens, an economist from Pantheon Macroeconomics said, “Looking ahead, the UK likely will continue to underperform. We expect Britain to suffer the deepest recession among major advanced economies in 2023, due to the severity of the headwinds from both monetary and fiscal policy.”

According to a statement by the Bank of England last month, the UK economy had likely already entered a recession which may last until the end of 2023. So far the central bank has enacted nine straight interest rate hikes in an effort to contain the spiraling inflation.

The new report comes after a report earlier in the month from the Confederation of Business Industry (CBI), a national lobby group, which warned that if action isn’t taken soon, the UK will likely face an entire decade of lost growth.