"The economy recorded no growth for the second month running, though longer term strength in the services sector meant there was growth over the last three months as a whole," Liz McKeown, director of economic statistics at the ONS, said. The U.K. economy had recorded modest but steady e...
"The bottom line is that the economy still seems to be growing at a reasonable pace, but the 0.6/0.7% quarterly GDP readings we became accustomed to in the first two quarters of the year are not going to be repeated in the second half of the year. We're looking for 0.2% growth in ...
While the UK economy grew over the whole of 2023, two consecutive quarters of negative growth at the end of the year meant that the UK was officially in recession as it entered 2024. According to forecasts from the Autumn Budget in November 2023, the UK economy is expected to grow by 0.7...
30-Sep-2024 LONDON (ICIS)–The UK economy grew at a slower rate than initially thought in the second quarter, according to revised GDP figures from the Office for National Statistics (ONS) on Monday. The official statistics agency revised down quarterly GDP growth to...
UK economy falls into recession in late 2023 Although on an annual basis, the UK economy grew slightly in 2023, the UK entered 2024 in recession following two quarters of negative economic growth at the end of 2023. After a huge 10.4 percent fall in GDP in 2020, economic growth rates were...
ANALYSIS|08/15/2024 08:24:35 GMT According to the Office for National Statistics (ONS), UK economic activity increased by +0.6% in the April to June quarter (Q2), following the UK economy's growth of +0.7% in Q1 (January to March). This fell in line with economists’ estimates and...
Two quarters of negative growth is one definition of a recession. November’s expansion was driven by a 2% growth in administrative and support activities, with employment services growing 2.1%, the ONS said. Overall, service industries account for about 80% of the British economy. Consum...
But the first-quarter growth rate was the slowest since the first quarter of 2021, when the economy expanded 5.6%. Treasury chief Rishi Sunak blamed the slowdown on Russia’s invasion of Ukraine and “other global challenges,” noting that Britain’s economy is still growing faster than those...
The central bank expects the country's GDP to be broadly flat in the fourth quarter of 2023 and 2024, and then have a paltry 0.25 percent growth in 2025. "2024 is set to be another year of weak growth for the UK, as the pressure of higher interest rates continues to erode household ...
News and headlines on the state of the UK economy. The latest economic data, reports and updates from the UK, including Budgets and inflation forecasts.