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The United Kingdom is approaching the end of the recession after registering growth of 0.1%

Date: July 13, 2024 Time: 18:15:32

Last February, the United Kingdom recorded an increase of 0.1% in gross domestic product (GDP) compared to the previous month, when it had already grown by 0.3%. This increase, according to data released by the Office for National Statistics (ONS), increases estimates of leaving the recession behind in the second largest European economy.

During February, the services sector increased its activity by 0.1% compared to the previous month, when it had grown by 0.3%. On the other hand, the manufacturing sector expanded by 1.1%, after falling 0.3% in the initial period of 2024. However, despite all the growth, the construction sector workforce contracted 1.9%, compared to growth of 1.1% in January. Thus, 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 fell 0.2% in February if compared to the same month last year and 0.1% in the three months to February 2024 compared to this same period in 2023.

The UK technical recession

The United Kingdom economy recorded a fall of 0.3% in the fourth quarter of 2023, after the contraction of one tenth of the second largest European economy in the third quarter of that same year. Due to all of the above, the region entered a technical recession since they ended the year with two consecutive quarters of contraction.

UK GDP is estimated to have increased by 0.1% on average over 2023, following growth of 4.3% in 2022. It is the weakest annual change in real GDP since the 2009 financial crisis, excluding 2020 results that were affected by the coronavirus pandemic.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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