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 issued by the Office of National Statistics (ONS), increases estimates of exit from recession in the second largest European 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.

See also  Peru and the UK highlight 200 years of diplomatic relations | News

Leave a Reply

Your email address will not be published. Required fields are marked *