Sunday, May 19, 2024

The United Kingdom’s GDP grew by 0.1% in February and anticipates the exit from recession

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Last February, the gross domestic product (GDP) of the United Kingdom registered an expansion of 0.1% compared to the previous month, when it had grown by 0.3%, which encourages expectations of an exit from the recession of the second largest European economy, according to data from the Office for National Statistics (ONS). In the month of February, activity in the services sector increased by 0.1% compared to the previous month, when it had grown by 0.3%, while the production sector expanded by 1.1%, after falling by 0. .3% at the start of 2024. For its part, construction contracted 1.9%, compared to growth of 1.1% in January. Thus, real GDP is estimated to have grown by 0.2% in the three months to February 2024, compared to the three months to November 2023. In the three months to February, services grew by 0.2 %, while production advanced by 0.7% and the construction sector fell by 0.1%. However, compared to the same period in 2023, UK GDP is estimated to have fallen by 0.2% in February compared to the same month last year and by 0.1% in the three months to February 2024 compared to the three months to February 2023. The UK economy recorded a fall of 0.3% in the fourth quarter of 2023, after the second largest European economy contracted by one tenth in the third quarter of the last year, which is why it entered a technical recession at the end of the year, accumulating two consecutive quarters of contraction. Thus, the UK’s GDP is estimated to have increased by 0.1% on average during 2023, following growth of 4.3% in 2022. This is the weakest annual change in real GDP since the 2009 financial crisis. , excluding the year 2020, which was affected by the COVID-19 pandemic.



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