Lower-than-expected output at the end of 2023 meant the UK economy experienced a technical recession in the second half of last year, the Office for National Statistics has said.
The UK economy shrank by 1.5% in the first three months of this year, although GDP started to recover as Covid-19 restrictions were eased, according to the Office for National Statistics.
UK GDP is forecast to grow by 7.25% this year, as Covid-19 restrictions are lifted – the fastest growth since the Second World War, according to the Bank of England.
The UK’s GDP shrank by 2.9% in January, as Covid-19 restrictions and European Union import disruptions reduced economic activity, according to the Office for National Statistics.
The UK’s economic recovery from Covid-19 will begin later than previously expected, but will provide accelerated growth in the coming years, according to ratings agency Standard and Poor’s.
The UK’s GDP is forecast to decrease by as much as 3.6% in the final three months of this year as result of the second lockdown, according to advisory firm PwC.
The UK’s credit rating could be upgraded if a post-Brexit trade deal is agreed with the European Union, according to ratings agency Standard and Poor’s.
Economists’ predictions for the contraction in the UK’s GDP following Covid-19 became more pessimistic in August, according to the latest independent forecasts published by the Treasury.
The recession caused by the Covid-19 pandemic has led to the biggest fall in the UK's quarterly gross domestic product since records began, according to the Office for National Statistics.
The UK’s economic recovery from Covid-19 may not take place until late-2024, as hopes of a V-shaped recovery “diminish”, according to economists at advisory firm EY.
The chancellor’s aim of raising the UK’s economic growth to 2.75% per year is “unlikely” in the current climate, according to Britain’s oldest economic think-tank.
