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The UK economic output stagnated in the third quarter as higher interest rates damped spending and investment, though the economy likely escaped a recession this year.

The UK economy contracted in June on weaker out-turns in the services and industrial sectors, suggesting that the region is heading for a mild recession in the second half of the year.

The UK economy stagnated in February as strikes dampened services output but the growth for January was upwardly revised, tapering the possibility of a recession in the first half of the year.

The UK economy rebounded at a faster-than-expected pace in October with strong contribution from services activity, official data revealed on Monday. Monthly real gross domestic product expanded 0.