GBGDPQQ
Great Britain officially entered in Recession due to Two Consecutive Negative Quarters.
The British economy contracted 0.3% on quarter in Q4 2023,
following a 0.1% decline in Q3,
worse than market forecasts of a 0.1% fall, preliminary estimates showed.
The economy entered recession amid a broad-based decline in output,
namely in services (-0.2%, the same as in Q3), particularly wholesale and retail trade (-0.6%); industrial production (-1% vs 0.1%), mostly manufacture of machinery and equipment (-7%) and construction (-1.3% vs 0.1%).
On the expenditure side, there was a fall in exports (-2.9% vs -0.8%), imports (-0.8% vs -1.8%); household spending (-0.1% vs -0.9%), particularly lower spending on recreation and culture, miscellaneous goods and services, and transport; and government consumption (-0.3% vs 1.1%), namely lower activity in education and health.
Those falls were partially offset by an increase in gross capital formation (1.4% vs -1.4%), mostly other buildings and structures. Considering full 2023, the GDP in the UK edged up 0.1%.
source: Office for National Statistics
UK GDP Growth Above Forecasts;
- The British economy grew 0.6% on First Quarter( Q1 2024), above forecasts of 0.4%, and ending the recession it entered last year, preliminary estimates showed.
It also marks the strongest expansion in over two years,
with services making the largest contribution to growth while household consumption, government spending and business investment also rose.