• Sat. May 25th, 2024

Britain’s Economic Recovery Struggles as Inflation Nears Reduction and GDP Growth Stalls

BySamantha Nguyen

Mar 28, 2024
Reuters: Data confirms UK economy entered recession in the previous year

In the latter half of 2023, official figures confirmed that Britain had fallen into a recession. The Office for National Statistics reported that GDP declined by 0.1% in the third quarter and by 0.3% in the fourth quarter, matching preliminary estimates previously reported. Despite some improvement at the beginning of 2024, with GDP growing by 0.2% in January and continued growth reported in February and March according to unofficial surveys, Britain’s economy is only 1% larger than it was in late 2019, making it the slowest recovery among G7 nations except for Germany.

The Bank of England has indicated that British inflation is nearing a level where they can begin reducing interest rates. The Bank expects the economy to grow by just 0.25% this year, while official budget forecasters are more optimistic, expecting a 0.8% expansion in the economy. Following the release of this data, the value of sterling against the U.S. dollar and euro remained relatively stable.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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