Economic Buzz: UK Economy Contracts by 0.2% in Q4 2023, First Contraction Since 2020-21 Recession
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(28-Mar-2024, 13:15
Hours IST)
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The British economy shrank by 0.2% year-on-year in Q4 2023, its first contraction since the 2020-21 recession, driven by high inflation, rising borrowing costs, and weak external demand. Net trade exerted downward pressure on GDP, with exports falling by 7.6% and imports by 1.5%. However, household consumption increased by 0.3%, fixed investment grew by 0.5%, and government consumption accelerated to 2.5%. For the full year 2023, the UK economy expanded by only 0.1%, the weakest growth since the 2009 financial crisis, excluding the pandemic year of 2020. Powered by Commodity Insights
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