The economy has continued its bounce back from recession after growing 0.6% in the three months to June, with the recovery driven by a robust performance in the services sector.
The UK economy will grow more slowly than any other advanced economy next year, the OECD has warned in a downbeat assessment of the nation’s prospects.
National GDP grew by 0.2% in January, signalling that the UK economy is out of its technical recession – but the country remains in a period of prolonged stagnation.
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.
Persistent inflation and weak productivity will hurt growth prospects, putting the UK economy at a high risk of recessions in 2023 and 2024, economists have warned.
High inflation and reliance on imported energy mean the UK is set for the slowest GDP growth among large developed countries, the International Monetary Fund has said.
The Office for National Statistics is helping drive forward international efforts to help governments go ‘beyond GDP’ in measuring human progress, says Richard Heys.
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.
Budget measures imply the government will have borrowed an ‘unprecedented’ £570bn over this financial year and next, according to the Office for Budget Responsibility.
The government is set to borrow a peacetime record £394bn this year, as it funds Covid-19 support measures, according to the Office for Budget Responsibility.
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 government borrowed a record £214bn between April and October – although the figure was £77bn less than projections by the Office for Budget Responsibility.
Monetary policy will attempt to combat long-term scarring to UK GDP from Covid-19 forecast at £40bn a year, according to a deputy governor of the Bank of England.
