UK economy officially in recession after 20.4% Q2 slump
4 years, 4 months ago

UK economy officially in recession after 20.4% Q2 slump

India TV News  

The U.K. economy has officially fallen into a recession after official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic. Unlike other countries, Britain’s statistics agency provides monthly figures to accompany the quarterly numbers and these show some hope that the economy is healing in the wake of the easing of some lockdown restrictions. In June, when shops selling non-essential goods were allowed to reopen, the British economy grew by a monthly rate of 8.7%. “The economy began to bounce back in June with shops reopening, factories beginning to ramp up production and house-building continuing to recover,” said statistician Jonathan Athow.

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History of this topic

UK economy grows 0.6% between April and June as it recovers from recession
4 months, 1 week ago

UK economy grows 0.6% between April and June as it recovers from recession

Associated Press  

LONDON — Britain’s economy continued its recovery from recession at the end of last year, with its GDP increasing by 0.6% between April and June, official figures showed Thursday. “The U.K. economy has now grown strongly for two quarters, following the weakness we saw in the second half of last year,” said Liz McKeown, director of economic statistics at the …

UK growth slows slightly in second quarter
4 months, 1 week ago

UK growth slows slightly in second quarter

Hindustan Times  

Britain's economy grew 0.6 percent in the April-June period, a slight slowdown compared with the first three months of the year, official data showed on Thursday. UK growth slows slightly in second quarter The country's economy is growing after it exited a mild recession at the end of last year, helped by inflation falling back from four-decade highs. "The new …

UK finally sees growth in economy during May
5 months, 1 week ago

UK finally sees growth in economy during May

China Daily  

Buses cross Waterloo Bridge with the City of London financial district seen behind, in London, Britain, March 5, 2024. The United Kingdom economy bounced back in May, showing signs of growth after a stagnant April and marking a continuation of the country's recovery from last year's recession. The Office for National Statistics, or ONS, reported a 0.4 percent increase in …

UK economy exits recession after 0.6% growth in latest quarter
7 months, 2 weeks ago

UK economy exits recession after 0.6% growth in latest quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. ONS director of economic statistics Liz McKeown said: “After …

U.K. exits recession with better-than-expected 0.6% GDP growth
7 months, 2 weeks ago

U.K. exits recession with better-than-expected 0.6% GDP growth

The Hindu  

The data will be welcome news for Prime Minister Rishi Sunak who said the economy had “turned a corner” Britain's economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an …

British economy rebounds strongly in first quarter of the year, ending ‘technical recession’
7 months, 2 weeks ago

British economy rebounds strongly in first quarter of the year, ending ‘technical recession’

Associated Press  

LONDON — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession”, official figures showed Friday. The Bank of England, like the U.S. Fed and other central banks around the world, raised interest rates aggressively in late 2021 from near zero to counter price rises …

UK economy went into shallow recession in 2023: Official data
8 months, 3 weeks ago

UK economy went into shallow recession in 2023: Official data

Live Mint  

Britain's economy entered a shallow recession last year, official figures confirmed on Thursday, leaving Prime Minister Rishi Sunak with a challenge to reassure voters that the economy is safe with him before an election expected later this year. "The weak starting point for GDP this year means calendar-year growth in 2024 is likely to be limited to less than 1%," …

UK Economy Rebounds in January After Slipping Into Recession
9 months, 1 week ago

UK Economy Rebounds in January After Slipping Into Recession

Hindustan Times  

The UK economy rebounded in January, registering modest growth after falling into a technical recession in the second half of last year. “Momentum is likely to remain weak in the near-term, but the outlook for this year is improving.” Growth in January was boosted by strong retail sales as a 2 percentage point cut in national insurance, a payroll tax, …

UK fell into recession at the end of 2023 as economy takes center stage in runup to general election
10 months, 1 week ago

UK fell into recession at the end of 2023 as economy takes center stage in runup to general election

Associated Press  

LONDON — 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 year, official figures showed Thursday. The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has …

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent
10 months, 1 week ago

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent

India TV News  

Britain's economy slipped into a recession during the latter half of 2023, contracting by a more significant-than-anticipated 0.3 per cent in the three months leading up to December. The 0.3 per cent contraction in Britain's economy from October to December came after a 0.1 per cent decline between July and September. The Office for National Statistics reported a 0.1 per …

UK economy slips into recession, official data shows
10 months, 1 week ago

UK economy slips into recession, official data shows

Al Jazeera  

Britain’s gross domestic product shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter. The Office for National Statistics said in a statement on Thursday that Britain’s gross domestic product shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter. “The chancellor …

UK economy at risk of recession after surprise third quarter decline
1 year ago

UK economy at risk of recession after surprise third quarter decline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “The broader picture, though, remains one of an economy …

Recession fears as UK economy shrinks by more than expected
1 year, 3 months ago

Recession fears as UK economy shrinks by more than expected

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Paul Dales, chief UK economist at Capital, said a …

British economy unexpectedly grows by 0.2% in second quarter largely because of June weather boost
1 year, 4 months ago

British economy unexpectedly grows by 0.2% in second quarter largely because of June weather boost

Associated Press  

LONDON — The British economy unexpectedly grew in the second quarter of the year, largely as a result of a strong rebound in June when many businesses particularly in the leisure sector benefited from the warm and settled weather, official figures showed Friday. Despite the increase, the British economy is the only Group of Seven leading industrial economy yet to …

Economy ‘loses momentum again’ as private sector growth slows despite retail boost
1 year, 6 months ago

Economy ‘loses momentum again’ as private sector growth slows despite retail boost

The Independent  

Britain’s economy “has lost momentum again” as growth in the private sector dropped to its slowest for three months, despite an unexpected boost in retail sales. Data from the Office for National Statistics showed that retail sales volumes rose 0.3 per cent in May, better than the 0.2 per cent drop that economists had forecast. But May’s overall 0.3 per …

UK economy to avoid recession but inflation still a worry, IMF says
1 year, 7 months ago

UK economy to avoid recession but inflation still a worry, IMF says

Associated Press  

LONDON — The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund. IMF Managing Director Kristalina Georgieva said at a press briefing in London that the latest assessment reflects “favorably” on the U.K. in comparison to other countries in the Group of Seven leading industrial nations. Despite the more …

UK economy is no longer to fall into a recession in 2023, says IMF
1 year, 7 months ago

UK economy is no longer to fall into a recession in 2023, says IMF

Firstpost  

Britain’s economy is no longer will fall into a recession this year, the International Monetary Fund said on Monday, adding that it upgraded forecasts published last month and warned that the outlook remains subdued. “The improved outlook reflected the unexpected resilience of demand, helped in part by faster than usual pay growth, higher government spending and improved business confidence,” it …

Netherlands prevents recession with 4th quarter growth of 0.6 percent
1 year, 10 months ago

Netherlands prevents recession with 4th quarter growth of 0.6 percent

NL Times  

The Dutch economy did not end up in a recession as economists feared. After a 0.2 percent contraction in the third quarter, the economy grew by 0.6 percent in the last quarter of 2022, Statistics Netherlands reported based on initial figures on Tuesday. In the entire 2022, the Dutch economy grew by 4.5 percent, mainly thanks to consumer spending and …

UK avoided recession last year by narrowest of margins. It might not be so lucky in 2023
1 year, 10 months ago

UK avoided recession last year by narrowest of margins. It might not be so lucky in 2023

CNN  

London CNN — The UK economy flatlined in the last quarter of 2022, meaning that it just managed to avoid falling into a recession. “No recession on the pedantic definition of two consecutive quarters of falling GDP, but a calamitous performance nonetheless,” Samuel Tombs, chief UK economist at Pantheon Macroeconomics, tweeted. “The UK still is the ‘only’ G7 country in …

What recession? Consumers, businesses of this country signal optimism
1 year, 11 months ago

What recession? Consumers, businesses of this country signal optimism

Live Mint  

Real-time indicators and surveys point to the health of consumer spending and business investment. Make UK’s survey this week showed that manufacturers’ investment plans have held up in recent months, with executives planning to pump money into new products and energy efficiency. What’s really noticeable at the moment is confidence is as bad as the beginning of lockdown, yet the …

UK economy shrinks 0.3% in three months through October
2 years ago

UK economy shrinks 0.3% in three months through October

Associated Press  

LONDON — Britain’s economy shrank in the three months through October, confirming the toll that rampant inflation and rising interest rates are having on business and industry. Gross domestic product, the broadest measure of economic activity, fell by 0.3% in the period when compared with the three months through July, the Office for National Statistics said Monday. Despite the rebound …

UK economy shrinks 0.3% in three months through October
2 years ago

UK economy shrinks 0.3% in three months through October

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

‘Recession’ is far too mild a term for what Britain is about to face
2 years, 1 month ago

‘Recession’ is far too mild a term for what Britain is about to face

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Brexit adds to the constraints on …

The UK economy is sliding into recession and Europe is set to follow
2 years, 1 month ago

The UK economy is sliding into recession and Europe is set to follow

CNN  

London CNN Business — The UK economy shrank in the third quarter, signaling the start of a recession that is likely to hit Europe next. “Lower consumer spending appetite is likely to help push GDP into a second-straight contraction during the fourth quarter,” James Smith, developed markets economist at ING, said in a note on Friday. “As inflation keeps cutting …

UK economy to enter recession until summer 2023, financial experts warn
2 years, 2 months ago

UK economy to enter recession until summer 2023, financial experts warn

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. A combination of high energy …

Britain ‘step closer to recession’ after economy shrank in August
2 years, 2 months ago

Britain ‘step closer to recession’ after economy shrank in August

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Britain’s economy unexpectedly shrank in …

U.K. economy unexpectedly shrinks in August, falls by 0.3%
2 years, 2 months ago

U.K. economy unexpectedly shrinks in August, falls by 0.3%

The Hindu  

Britain's economy shrank by 0.3% in August, hit by weakness in manufacturing and maintenance work in North Sea oil and gas fields, according to official data which underscored the challenge for Prime Minister Liz Truss to speed up growth. "The economy shrank in August with both production and services falling back, and with a small downward revision to July's growth …

US economy shrank from April through June, second time in a row
2 years, 2 months ago

US economy shrank from April through June, second time in a row

Al Jazeera  

The United States economy continues to send mixed signals with some believing it is on the brink of a recession while others point to a stronger than usual jobs market. Battered by surging consumer prices and rising interest rates, the United States economy shrank at a 0.6 percent annual rate from April through June, the government has announced, unchanged from …

Energy bills: UK recession looms as households feel pain
2 years, 4 months ago

Energy bills: UK recession looms as households feel pain

CNN  

London CNN Business — Britons are bracing themselves for more tough times ahead as the economy starts to shrinkand a new forecast suggests average annual energy bills could exceed £5,000 next year. According to estimates released Friday by energy research firm Auxilione, the average annual energy bill for millions of UK households is expected to hit £5,277 next spring after …

United States recession fears grow as economy contracts for second quarter
2 years, 4 months ago

United States recession fears grow as economy contracts for second quarter

ABC  

The United States economy has unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, raising speculation the economy is on the cusp of a recession. Key points: Prices for groceries, petrol and other basics increased at the fastest pace since 1981 Job growth averaged 456,700 per month in …

US economy shrinks for a 2nd quarter, raising recession fear
2 years, 4 months ago

US economy shrinks for a 2nd quarter, raising recession fear

Associated Press  

WASHINGTON — The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession. “The fact that the economy created 2.7 million payrolls in the first half of the year would seem to argue against an official recession call for now.” Still, …

Soaring inflation sees household incomes fall for record four quarters in a row
2 years, 5 months ago

Soaring inflation sees household incomes fall for record four quarters in a row

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Household finances failed to keep …

US economy slipped 1.6% to start year; return to growth eyed
2 years, 5 months ago

US economy slipped 1.6% to start year; return to growth eyed

Associated Press  

WASHINGTON — The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. But on its third and final estimate Wednesday the department said consumer spending — which accounts for about two-thirds of economic output — was substantially weaker …

The recession we have been dreading is about to strike
2 years, 5 months ago

The recession we have been dreading is about to strike

The Telegraph  

“We expect the economy to struggle under the weight of higher interest rates and to enter a short recessionary period at the end of the year, extending into the first quarter of 2023.” Martin Beck, chief economic adviser to the EY Item Club, says “the retail sector is already effectively in recession” with the damage spreading as inflation combines with …

US Economy Shrank by 1.5% in Q1 but Consumers Kept Spending
2 years, 6 months ago

US Economy Shrank by 1.5% in Q1 but Consumers Kept Spending

News 18  

The US economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter. Last quarter’s drop in the US gross domestic product the broadest gauge of economic output does not likely signal the start …

UK economic growth held back by supply chain problems
3 years, 1 month ago

UK economic growth held back by supply chain problems

Associated Press  

LONDON — The British economy slowed down during the third quarter of the year as widespread supply chain problems hobbled the recovery from the coronavirus pandemic, official figures showed Thursday. Last week, the Bank of England said the economy would not gain back the output lost during the pandemic until the first part of next year after previously predicting a …

UK GDP: Recovery still lagging other G7 economies as growth slows
3 years, 1 month ago

UK GDP: Recovery still lagging other G7 economies as growth slows

CNN  

London CNN Business — UK GDP growthslowed between July and September, leaving the economy still around 2% smaller than it was before the pandemic and trailing the recovery in other G7 nations. The UK economy, struggling with supply chain disruptions and high energy prices, expanded by 1.3% in the quarter, down from growth of 5.5% in the previous three-month period …

Cost of living crisis triggers recession fears
3 years, 2 months ago

Cost of living crisis triggers recession fears

The Telegraph  

After the biggest drop in output for a century, the UK seemed to be on track for a much-needed economic rebound. Firms face lingering supply chain bottlenecks, prices are rising and tax hikes are set to kick in next year: Britain’s economy is increasingly vulnerable to further shocks. “This combination of fighting inflation at a time of high energy prices, …

We're not in recession now? Here's what today's GDP figures mean
3 years, 3 months ago

We're not in recession now? Here's what today's GDP figures mean

ABC  

Today's GDP figures show the economy grew by 0.7 per cent in the June quarter. Economic activity grew by 0.7 per cent in the June quarter, following growth of 1.9 per cent in the March quarter "We should remind ourselves that the Australian economy was booming for a lot of the second quarter and some of the monthly data was …

UK retail sales fall sharply despite easing COVID pandemic curbs
3 years, 4 months ago

UK retail sales fall sharply despite easing COVID pandemic curbs

India TV News  

The UK's retail sales volumes fell by 2.5 per cent in July from June despite the easing of coronavirus restrictions, but still 5.8 per cent higher than the pre-pandemic levels in February 2020, the Office for National Statistics said. Food store sales volumes dropped monthly by 1.5 per cent in July, following an increase in the previous month when sales …

UK economy grows 4.8% as hospitality bounces back from lockdown
3 years, 4 months ago

UK economy grows 4.8% as hospitality bounces back from lockdown

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chancellor Rishi Sunak said the latest figures showed the …

Britain's economy springing back to life with ease in lockdown
3 years, 8 months ago

Britain's economy springing back to life with ease in lockdown

Daily Mail  

Britain's economy is springing back to life as the rollout of Covid vaccines and easing of lockdown restrictions boost business. Upbeat: In a boost for Chancellor Rishi Sunak, economists now believe Britain is heading for its strongest year of growth since 1988 The ONS said retail sales rose 5.4 per cent last month despite 'non-essential' stores remaining shut, amid strong …

UK economy shrank by less than expected in January
3 years, 9 months ago

UK economy shrank by less than expected in January

Al Jazeera  

UK GDP shrank by 2.9 percent in January from December, but trade dropped by the most on record as Brexit kicked in. Britain’s economy is likely to shrink by four percent in the first quarter of 2021, due mostly to the latest lockdown but also because of disruption caused by new, post-Brexit rules for trade with the European Union, the …

UK plunges into deepest recession on record, as economy shrinks 20 per cent in second quarter
4 years, 4 months ago

UK plunges into deepest recession on record, as economy shrinks 20 per cent in second quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The economy shrank by 20.4 per cent in the …

UK economy crashes into recession after 20.4% second quarter slump; braces for spike in unemployment rate
4 years, 4 months ago

UK economy crashes into recession after 20.4% second quarter slump; braces for spike in unemployment rate

Firstpost  

The Bank of England expects the unemployment rate to shoot higher to around 7.5 percent by the end of the year from 3.9 percent currently London: Britain’s economy contracted by a record 20.4 percent in the second quarter with the country in lockdown over the coronavirus pandemic, official data showed Wednesday. Britain officially entered recession in the second quarter after …

U.K. economy officially in recession after 20.4% Q2 slump
4 years, 4 months ago

U.K. economy officially in recession after 20.4% Q2 slump

The Hindu  

The U.K. economy has officially fallen into a recession after official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic. Unlike other countries, Britain’s statistics agency provides monthly figures to accompany the quarterly numbers and these show some hope that the economy is …

British economy nosedives 20% in worst coronavirus-induced recession among Group of 7
4 years, 4 months ago

British economy nosedives 20% in worst coronavirus-induced recession among Group of 7

LA Times  

Britain has suffered the deepest recession among the world’s top economies this year, shrinking by a fifth in the second quarter alone when much of the economy was mothballed as part of efforts to contain the COVID-19 pandemic. Canada and Japan, the remaining members of the Group of Seven leading industrial nations, have yet to publish their second-quarter numbers, but …

UK economy slumps 20% in 2nd quarter, unemployment fears mount
4 years, 4 months ago

UK economy slumps 20% in 2nd quarter, unemployment fears mount

India Today  

Britain’s economy shrank by a record 20.4% between April and June when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020. Despite this, GDP in June still remains a sixth below its level in February, before the virus struck.” Last week the …

UK recession is worst of any major economy
4 years, 4 months ago

UK recession is worst of any major economy

CNN  

London CNN Business — UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without …

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