Ultimately, the UK escapes the recession, despite economists’ predictions. The Bank of England predicted zero growth in the economy, and the latest statistics prove this to be true. However, this is no reason to rejoice.
Why is this important?There are recession fears everywhere, including in the UK. Although the country was able to avoid two consecutive quarters of contraction, the question remains unanswered: Is the postponement also a cancellation?
In the news: UK GDP in the third quarter remained unchanged from the previous quarter.
- This was stated by the Office for National Statistics GDP is stagnantJust as the Bank of England expected.
- Consumer spending, business investment and government spending fell in the third quarter. The recession can be attributed to improved trade: exports from the UK increased while imports decreased. Therefore, there is no turning back
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