Thursday , April 18 2024

After September, Britain's growth rate also negative in December quarter

Mumbai: From the economic growth rate (GDP) data of the last two quarters, it can be said that Britain's economy has been pushed into recession in the last six months of 2023.

After being negative by 0.10 percent in the September quarter, the GDP of the United Kingdom (UK) has also come down by 0.30 percent in the December quarter.

If GDP in an economy remains negative for two consecutive quarters, it can be said that the country has been pushed into recession.

The recession in Britain may pose a challenge to Prime Minister Rishi Sunak in his re-election. The decline in the December quarter was the largest since the first quarter of 2021, according to data from the Office for National Statistics.

Elections are to be held in Britain in the second half of the current year. Britain's economic growth rate has been roughly stable for the past two years, but the Bank of England expects growth to pick up in 2024.