Nagaland News Watch

The second half of 2023 will see a recession in the UK economy

<p>According to official figures released on Wednesday, the British economy declined by a worse-than-expected 0.3% in the three months leading up to December after contracting by 0.1% between July and September. As a result, the country’s economy entered a recession in the second half of 2023.</p>
<p><img decoding=”async” class=”alignnone wp-image-411185″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-second-half-of-2023-will-see-a-recession-in-the-uk-economy-britain-2024-02-7ea.jpg” alt=”theindiaprint.com the second half of 2023 will see a recession in the uk economy britain 2024 02 7ea” width=”1007″ height=”671″ title=”The second half of 2023 will see a recession in the UK economy 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-second-half-of-2023-will-see-a-recession-in-the-uk-economy-britain-2024-02-7ea.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-the-second-half-of-2023-will-see-a-recession-in-the-uk-economy-britain-2024-02-7ea-150×100.jpg 150w” sizes=”(max-width: 1007px) 100vw, 1007px” /></p>
<p>A lesser decline of 0.1% in the gross domestic product (GDP) from October to December was predicted by experts surveyed by Reuters.</p>
<p>According to the Bank of England, growth in the economy is anticipated in 2024.</p>
<p>Slow development this year will nevertheless provide a challenging environment for Prime Minister Rishi Sunak’s efforts to win over voters in advance of the anticipated national election later in 2024.</p>
<p>After growing by 0.2% in November, the Office for National Statistics (ONS) reported that economic production decreased by 0.1% in December. A 0.2% decline was predicted by the Reuters poll for December.</p>
<p>Not long after the announcement of the GDP figures, sterling saw a little decline in value relative to the dollar and the euro.</p>