UK Economy Shrinks: Recession Looms as GDP Falls
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New Figures Show First Contraction in 16 Years
New figures released in Britain confirm that the economy has weakened sharply. Gross domestic product (GDP) fell by 0.5% in the third quarter of the year. Here's our Economics Correspondent, Andrew Walker:
The news comes in the same week that the country's Prime Minister and Central Bank Governor both said that Britain is facing a recession. The new figures, which could be revised, are consistent with that assessment, although they don't confirm it.
Recessions in developed economies are often defined as two consecutive quarters of declining GDP, and this was the first. Most economists do, however, think there will be further falls in output.
This was the first contraction in the British economy for sixteen years.
Key Points:
- UK GDP fell by 0.5% in Q3.
- The Prime Minister and Central Bank Governor stated that Britain is facing a recession.
- This is the first economic contraction in 16 years.
- Economists predict further declines in output.
New figures released in Britain confirm that the economy has weakened sharply. Gross domestic product (GDP) fell by 0.5% in the third quarter of the year. Here's our Economics Correspondent, Andrew Walker:
The news comes in the same week that the country's Prime Minister and Central Bank Governor both said that Britain is facing a recession. The new figures, which could be revised, are consistent with that assessment, although they don't confirm it.
Recessions in developed economies are often defined as two consecutive quarters of declining GDP, and this was the first. Most economists do, however, think there will be further falls in output.
This was the first contraction in the British economy for sixteen years.
New figures released in Britain confirm that the economy has weakened sharply. Gross domestic product (GDP) fell by 0.5% in the third quarter of the year. Here's our Economics Correspondent, Andrew Walker:
The news comes in the same week that the country's Prime Minister and Central Bank Governor both said that Britain is facing a recession. The new figures, which could be revised, are consistent with that assessment, although they don't confirm it.
Recessions in developed economies are often defined as two consecutive quarters of declining GDP, and this was the first. Most economists do, however, think there will be further falls in output.
This was the first contraction in the British economy for sixteen years.