• Sun. May 26th, 2024

Britain’s Economy Struggles to Recover from COVID-19: GDP Shrinks by 0.3% in Q4 and Inflation Nears Reduction.

BySamantha Jones

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

Official figures released on Thursday revealed that Britain’s economy had fallen into a recession in the latter half of the previous year. According to the Office for National Statistics, gross domestic product declined by 0.1% in the third quarter and by 0.3% in the fourth quarter. These figures matched the preliminary estimates that were previously reported.

While the economy saw 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, the recovery from the impact of the COVID-19 pandemic has been slow. Currently, Britain’s economy is only 1% larger than it was in late 2019, with Germany being the only G7 nation with a worse performance.

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, however, there was no significant movement in sterling against other major currencies such as the U.S dollar and euro remained relatively stable due to market fluctuations and uncertainty about future developments related to COVID-19 vaccination rollouts and economic recovery efforts around

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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