UK Economy Emerges From Recession 29
The U.K. economy has emerged from recession as gross domestic product rose 0.6% in the first quarter, official figures showed Friday, beating expectations. From a report: Economists polled by Reuters had forecast growth of 0.4% on the previous three months of the year. The U.K. entered a shallow recession in the second half of 2023, as persistent inflation continued to hurt the economy.
Although there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession. The U.K.'s production sector expanded by 0.8% in the period from January to March, while construction fell by 0.9%. On a monthly basis, the economy grew by 0.4% in March, following 0.2% expansion in February. In output terms, the services sector -- crucial to the U.K. economy -- grew for the first time since the first quarter in 2023, the Office for National Statistics said. The 0.7% growth was mainly driven by the transport services industry which saw its highest quarterly growth rate since 2020.
Although there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession. The U.K.'s production sector expanded by 0.8% in the period from January to March, while construction fell by 0.9%. On a monthly basis, the economy grew by 0.4% in March, following 0.2% expansion in February. In output terms, the services sector -- crucial to the U.K. economy -- grew for the first time since the first quarter in 2023, the Office for National Statistics said. The 0.7% growth was mainly driven by the transport services industry which saw its highest quarterly growth rate since 2020.
Re: (Score:2)
Bidenomics thrusts the US further into recession.
You need to be in a recession already to go "further" into a recession. The US hasn't been in a recession for 2 years now. Grow up Trumptard.
Re: (Score:2)
Brexit was about white european immigrants...
Re: (Score:1)
Or Liz Truss? (In office 6 September 2022 – 25 October 2022)
Re: News for nerds? (Score:2)
We case more about the lettuce tbh.
Re: (Score:2)
Selling it. Hard. (Score:5, Interesting)
Although there is no official definition of a recession
Ah yes, the usual legal disclaimer. Since there’s no official definition, then perhaps we’re all free to use our feelings here, yes?
I feel that 0.6% is little more than a damn rounding error, and the UK is trying to sell their “win” here. Hard.
I also feel that not having an official definition of a recession, has been bought and paid for by the kind of corrupt greed that creates recessions.
Re: (Score:2)
The widely used definition, the one used here, is 2 consecutive quarters with zero or negative growth.
The 0.6% figure is pretty accurate. The issue is that we are screwed for at least the rest of the decade. There will be an election this year, and both parties are promising more pain and under-investment, as well as staying out of the lucrative EU Single Market. No matter who wins, it's very unlikely that things will improve much until the 2030s.
This is our second lost decade, after the first one starting
Re: (Score:3)
thank you sir, may i have another?
Re: (Score:2)
Re: Selling it. Hard. (Score:1)
Re: (Score:3)
Although perhaps just like the definition of "leave" was never discussed properly ("Absolutely nobody is talking about threatening our place in the Single Market.'" - arch Brexiteer Daniel Hannan, May 2015), so the definition of "re-join" is never defined to much satisfaction. Switzerland is not an EU or EEA member but is part of the single market. It does not have the Euro. There are also other possibilities in getting closer to Europe which I don't doubt Labour will look at. Also, polling suggests about 6
Re: (Score:2)
I'm sure we could get back into the EEA. That would be ideal. No real say but we get most of the benefits.
Re: (Score:2)
I also feel that not having an official definition of a recession, has been bought and paid for by the kind of corrupt greed that creates recessions.
Not everything needs to be "official". The term recession has an almost universal acceptance criteria among economists. That is more than enough. Every economics text book gives you the same definition and virtually every country uses that same definition even if it isn't "official".
I feel that 0.6% is little more than a damn rounding error, and the UK is trying to sell their “win” here. Hard.
No one cares what your feelings are or how little you understand about how massive amount of money you need to move in order to move something like your entire economy by a single decimal point. There is no rounding error here.
Re: (Score:1)
Re: (Score:2)
Although there is no official definition of a recession
Ah yes, the usual legal disclaimer. Since there’s no official definition, then perhaps we’re all free to use our feelings here, yes?
I feel that 0.6% is little more than a damn rounding error, and the UK is trying to sell their “win” here. Hard.
I also feel that not having an official definition of a recession, has been bought and paid for by the kind of corrupt greed that creates recessions.
The thing is, there is a technical definition of a recession, that is two successive quarters of economic contraction (negative growth). The UK had that, then it had one quarter of economic growth, ergo we went into recession and then out of it.
This does mean little to the man on the street, the Tories still received an absolute thrashing at the local elections and the polls for the general election that has to be held before the middle of Jan are not looking good. Prices are still out of control and the
Amazing How Much Apostrophe's WIll Save You (Score:3)
Guess they saved a lot of money.
Re:Amazing How Much Apostrophe's WIll Save You (Score:5, Funny)
Apostrophe's what?
Re: (Score:2)
0.6% to be exact. i didn't think north yorkshire was that big but then again maybe they are future casting the savings in this report.
Huh? (Score:2)
How does the transport industry grow and no other industry? What are they transporting?
Re: (Score:2)
They had a heavy goods vehicle driver shortage because of Brexit and COVID, so it grows back.
I wonder if... (Score:2)