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Depression in Great Britain |  GMX.CH

Depression in Great Britain | GMX.CH


Updated on February 15, 2024 at 10:30 am

The British economy went into recession at the end of last year. Gross domestic product (GDP) fell by 0.3 percent in the fourth quarter compared to the previous quarter, the ONS statistics office in London reported. Explorers were surprised by the power of the dumper. They expected economic output to contract by an average of 0.1 percent between October and December.

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In the third quarter of the year, Europe's second-largest economy has already posted a 0.1 percent decline. When economic output falls for two consecutive quarters, economists speak of a technological recession.

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These developments worry the Prime Minister Rishi Sunak Promises to boost the economy led to backlash in an election year. Finance Minister Jeremy Hunt was keen to stress that the figures did not reflect an unexpected turnaround. However, the country is making progress and the government will continue its program by reducing taxes and controlling inflation. However, the opposition Labor Party complained that the recession was the result of 14 years of chaotic Conservative politics. Great Britain has a general election this year. Labor leads the Tories in all opinion polls.

According to the statistics office, the economy recorded a weaker performance in December than the previous month, with a 0.1 percent decline. In addition, GDP grew slightly weaker than previously expected in November. The growth rate has been revised downwards and now stands at just 0.2 percent. A 0.3 percent increase was reported earlier. In contrast to Germany, monthly information on economic performance is also published in Great Britain.

However, the country's industrial production remained surprisingly strong. According to the statistics office, output increased by 0.6 percent in December compared to the previous month. Analysts had expected a slight decline. Additionally, manufacturing growth was revised upwards in November.
© dpa/edited by ella

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