• Fri. Jun 14th, 2024

Britain’s Slow Economic Recovery: Inflation and GDP Numbers Highlight Concerns

BySamantha Jones

Mar 28, 2024
Reuters: Data confirms UK economy entered recession in the previous year

In the latter half of 2023, Britain’s economy fell into a recession, according to official figures released on Thursday. The Office for National Statistics reported that gross domestic product declined by 0.1% in the third quarter and by 0.3% in the fourth quarter, matching preliminary estimates previously reported. Despite some improvement at the beginning of 2024, with GDP growing by 0.2% in January and continued growth reported in February and March according to unofficial surveys, the recovery from the impact of the COVID-19 pandemic has been slow. Currently, Britain’s economy is only 1% larger than it was in late 2019, with Germany being the only G7 nation with a worse performance.

The Bank of England has indicated that British inflation is nearing a level where they can begin reducing interest rates. The Bank expects the economy to grow by just 0.25% this year, while official budget forecasters are more optimistic, expecting a 0.8% expansion in the economy. Following the release of this data, the value of sterling against both the U.S dollar and euro remained relatively stable.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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