Reuters reports: Data confirms UK economy entered recession in the past year
Economy

Britain’s Economy in Recession: GDP Shrinks in Last Two Quarters, Leaving the Country Struggling to Recover from COVID-19 Pandemic

On Thursday, the British economy was confirmed to be in recession in the second half of 2023. The Office for National Statistics announced that Gross Domestic Product (GDP) had contracted by 0.1% in the third quarter and 0.3% in the fourth quarter, remaining unchanged from initial estimates. Despite some signs of improvement at the start of 2024, with GDP growing by 0.2% in January and unofficial surveys indicating continued growth in February and March, Britain is still slow to recover from the impacts of COVID-19 pandemic. As a result, the country is only 1% larger than it was in late 2019, making it one of the worst performing economies among Group of Seven nations.

The Bank of England has stated that British inflation is approaching a level where interest rate cuts can be implemented. The central bank predicts that the economy will only grow by 0.25% this year while official budget forecasters anticipate a 0.8% expansion in the economy. Following the release of these data, the value of British pound remained relatively stable against both U.S dollar and euro.

LEAVE A RESPONSE

As a content writer at newsauntering.com, I am Samantha Johnson—a wordsmith with a fervent love for storytelling and a keen eye for captivating readers. With a diverse background in journalism and digital marketing, I craft compelling narratives that engage, inform, and inspire our audience. Whether unraveling breaking news stories or delving into thought-provoking features, my aim is to deliver content that resonates and leaves a lasting impact. Join me on a journey through the ever-evolving landscape of news and narratives at newsauntering.com.