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The pound has fallen in value following the ONS’s update on Britain’s shrinking economy. Sterling fell by as much as 0.4 per cent before gaining ground to trade at $1.27.
The ONS estimates that UK GDP increased by a meagre 0.1% in 2023. That’s the worst performance since 2009 when the economy was still reeling from the global financial crisis, if 2020, which was ...
The UK produces one of the quickest estimates of GDP of the major economies, about 40 days after the quarter in question. At that stage, only about 60% of the data is available, so the figure is ...
Using analysis by Citi, the IFS report warned that the UK would fall into a recession at the start of 2024 that will last for nine months. It also forecast that gross domestic product (GDP) would ...
However, compared with its peers, the UK economy is faring less well. Last month, the International Monetary Fund downgraded its forecast for Britain’s economic growth this year from 0.6% to 0.5%.
This is a list of recessions (and depressions) that have affected the economy of the United Kingdom and its predecessor states. In the United Kingdom a recession is generally defined as two successive quarters of negative economic growth, as measured by the seasonally adjusted quarter-on-quarter figures for real GDP. Name Dates Duration Real GDP reduction Causes Other data Great Slump c. 1430 ...
The UK recorded weaker growth than many other European nations in the 1970s; even after the recession, the economy was blighted by rising unemployment and double-digit inflation, which exceeded 20% more than once and was rarely below 10% after 1973.
The British economy fell into recession at the end of 2023 for the first time since the onset of the coronavirus pandemic, as output shrank more than anticipated in the final three months of the ...