UK Recession After Consumer Spending Falls

Economics & Macro

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Adi Ahdiat 16/02/2024 19:40 WIB

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The UK is experiencing a recession. This is indicated by negative economic growth for two consecutive quarters, namely in Q3 and Q4 2023.

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UK Recession After Consumer Spending Falls

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UK Quarterly Economic Growth (2023)

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The United Kingdom is one of the world's largest economies. However, it is currently experiencing a recession.

This is indicated by negative economic growth for two consecutive quarters.

According to the Office for National Statistics (ONS), the UK's official statistics authority, economic growth in the third quarter of 2023 was minus 0.1%.

Then, in the fourth quarter of 2023, it fell further to minus 0.3%, as shown in the graph.

According to the BBC report, "UK economy fell into recession after people cut spending" (February 16, 2024), several factors triggered the recession in the UK, one of which is decreased consumer spending.

The BBC also noted a slowdown across all major UK business sectors in the fourth quarter of 2023, including manufacturing and construction.

This was confirmed by Mark Keyes, director of a local construction company.

"We are still feeling the impact of inflation hitting the industry, and this is exacerbated by rising interest rates," said Mark, as reported by the BBC (February 16, 2024).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."