On Monday, Bloomberg issued an analysis finding the UK has likely already entered a recession as interest rates have soared and unemployment has accelerated.

According to the report by Bloomberg Economics, it appears the nation’s GDP contracted by 0.1% in the third quarter, and their analysts forecast a 52% chance there will be another contraction in the final three months of the year. That would complete the second consecutive quarter of economic contraction which comprises a technical recession.

In the report, analyst Dan Hanson said, “It will be a close call between stagnation and a mild contraction, but the odds are tilted marginally in favor of the latter. The risks are that the fall in output is a little sharper than we have penciled in.” He added that the “loosening” labor market may leave consumers more cautious over spending in the upcoming months.

He added, “This is even as their real incomes continue to rise over the winter. The September money and credit data from the BOE [Bank of England] points to households saving more than they have in the recent past.”

The report comes on the heels of a similar finding by the Bank of England, which last week forecast a 50% chance the nation would enter a recession in the second half of the year. The official readings of the UK’s GDP for the third quarter are scheduled to be released Friday.