Financial News: UK Economy Shrinks 0.3% As Estimated

UK Economy Shrinks 0.3% As Estimated

03/28/2024 - 03:35:00 (RTTNews)

(RTTNews) - The UK economy contracted in the fourth quarter, as initially estimated, final data from the Office for National Statistics showed on Thursday.

Gross domestic product fell by unrevised 0.3 percent after a 0.1 percent drop in the third quarter.

The statistical office thus confirmed a technical recession towards the end of 2023. Consequently, the economy grew only 0.1 percent in 2023, much weaker than the 4.3 percent expansion seen in 2022.

Excluding the year 2020, which was affected by the coronavirus pandemic, this was the weakest annual change in real GDP since the financial crisis in 2009, the ONS said.

Compared with the same quarter a year ago, real GDP declined 0.2 percent in the fourth quarter.

Data showed that there was a fall in the volume of net trade, gross capital formation, and household consumption in the fourth quarter, partially offset by an increase in government consumption.

Household spending fell 0.1 percent sequentially, while government spending grew 0.1 percent.

Gross fixed capital formation advanced by revised 0.9 percent. Within this, business investment moved up 1.4 percent.

The trade deficit for goods and services was 1.1 percent of GDP in the fourth quarter, revised up from the first estimate deficit of 1.6 percent.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Eurozone Consumers' 12-Month Inflation Expectations Lowest Since Dec 2021 - ECB (51 min(s), 16 sec(s) ago)
(RTTNews) - Euro area consumers' inflation expectations for the next 12 months hit their lowes ...Full Story»

U.S. Consumer Sentiment Dips More Than Previously Estimated In April (47 min(s), 16 sec(s) ago)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story»

U.S. Consumer Prices Rise 0.3% In March, Annual Growth Accelerates To 2.7% (57 min(s), 16 sec(s) ago)
(RTTNews) - Closely watched readings on inflation released by the Commerce Department on Friday sh ...Full Story»

Spain Unemployment Rate Rises In Q1 (29 min(s), 16 sec(s) ago)
(RTTNews) - Spain's unemployment rate increased at the start of the year, quarterly data from ...Full Story»

U.S. Consumer Prices Rise In Line With Estimates In March (10 min(s), 16 sec(s) ago)
(RTTNews) - Closely watched readings on inflation released by the Commerce Department on Friday sh ...Full Story»

Russia Central Bank Keeps Key Rate Unchanged (01 min(s), 16 sec(s) ago)
(RTTNews) - Russia's central bank left its key interest rates unchanged for the third consecut ...Full Story»

Austria Manufacturing Downturn Continues In April (01 hr(s), 08 min(s), 44 sec(s) ago)
(RTTNews) - Austria's manufacturing activity deteriorated further in April, though the pace of ...Full Story»

Eurozone Private Sector Credit Growth Remains Weak (01 hr(s), 39 min(s), 44 sec(s) ago)
(RTTNews) - Eurozone private sector credit continued to increase in March but the pace of recovery ...Full Story»