UK nears end of recession after recording 0.1% growth

Last February, the United Kingdom signed an agreement 0.1% increase in GDP Compared to the previous month, it actually rose by 0.3%. This increase, according to data provided by the Office for National Statistics (ONS), increases estimates It left behind a recession in Europe’s second-largest economy.

During the month of February, the services sector Its activity increased by 0.1% compared to the previous monthWhen it rose by 0.3%. On the other hand, the production sector expanded by 1.1%. After declining 0.3% In the first period of 2024. But despite all the growth, the work of the construction sector shrank 1.9%Compared to growth of 1.1% in January. Therefore, it is estimated that Real GDP grew by 0.2% In the three months to February 20254 compared to the previous three months.

However, compared to the same period in 2023, it is estimated that the country’s GDP It fell 0.2% in February If compared to the same month last year and 0.1% in the three months until February 2024 compared to the same period in 2023.

Technical recession in the United Kingdom

UK economy recorded a decrease of 0.3% In the fourth quarter of 2023, after the second largest European economy contracted by a tenth of the second largest European economy in the third quarter of the same year. Everything mentioned above, The region entered a technical recession Since they finished the cumulative year Two consecutive quarters of contraction.

UK GDP is expected to rise by 0.1% on average during 2023, after growth of 4.3% in 2022. The weakest annual change in real GDP Since the financial crisis of 2009, not counting the results of 2020, which were affected by the coronavirus pandemic.

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