In Q3 2022, activity in the UK declined (-0.2%, after +0.2% in Q2), in a context of very high inflation, especially in energy, and with strikes in several sectors of the economy. Household consumption slipped back (-0.5%) as did corporate investment (-0.5%), reflecting supply chain difficulties, which remain significant, as well as the intensification of monetary tightening by the Bank of England. In addition, some strong movements have affected foreign trade: the net decline in imports (-3.2%) was accompanied by a sharp increase in exports (+8.0%), in line with variations in flows of non-monetary gold, which were very volatile. This phenomenon automatically generates major destocking (contribution of -3.9 points to GDP change, offsetting to a large extent the foreign trade contribution of +3.2 points)...