Published: 2024-05-10 09:39
Photo by Adrian Dennis (AFP / Scanpix).
Official data published on Friday showed that the economy of the United Kingdom (UK) has slipped into recession. In the first quarter of the year, the gross domestic product (GDP) grew by 0.6% compared to the previous quarter and exceeded economists’ expectations.
Economists predicted 0.4% GDP growth.
United Kingdom 2023 the second half of the year entered a shallow recession, as inflation slowed down economic growth. Three years ago, the UK economy contracted by 0.1% in the fourth quarter and by 0.3% in the fourth quarter. A recession is recorded when the economy shrinks for two quarters in a row.
On Thursday, the Bank of England’s Monetary Policy Committee predicted that inflation rates would remain high and voted to keep the key interest rate at 5.25%.
The Bank of England predicts that headline annual inflation, which includes non-food items, will be close to 2% in the near term, with a slight increase later in the year as the impact of a sharp drop in energy prices is offset.
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Topic Business environment
Tags: economy slipped recession exceeded economists expectations
