UK economy has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday.

Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession.

According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters.

The figures will be a blow to Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023.

In 2020, the UK economy entered recession and contracted by a record 20.4 per cent in the second quarter with the country in lockdown over the coronavirus pandemic, official data had shown.


“It is clear that the UK is in the largest recession on record,” the Office for National Statistics said then.

Meanwhile, in December 2023, Britain’s economy unexpectedly shrank in the third quarter, official data showed, raising fears of a potential recession before an election due next year (2024).

Gross domestic product contracted 0.1 per cent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement.


https://punchng.com/uk-economy-enters-recession/?utm_source=telegram&utm_medium=social

I don't see Rishi Sunak winning the election

Na

UK is lucky to have a government to think out of box to save them from recession, unlike what we have in Nigeria — a government that live in oblivion.

UK government will admit the sitirthey face and go back to the drawing board to know where the mistake was make. In Nigeria, the government will tell you that everything is eldorado, not accepted realities.

In UK, if the government decides to be stupid as the Nigeria government by not doing anything, the masses will be on their neck but here in Nigeria, the masses are the most docile species ever to exist in human history.

As my income is steady, no shaking.

Economy shrank by 0.3 and 1 percent and they are ringing the alarm bells already. Nigerian Economy is on full srinking reverse/retrogression and the useless govt and their fanboys says there's no cause for alarm

Nbote:
Economy shrank by 0.3 and 1 percent and they are ringing the alarm bells already. Nigerian Economy is on full srinking reverse/retrogression and the useless govt and their fanboys says there's no cause for alarm

Stop talking nonsense my friend. Nigeria's economy is not in recession. World bank and IMF are even projecting a 3% GDP growth for us this year. The problem we have is linked to forex scarcity which is pushing prices of commodities above the roof.

Consolation for the shege going on in Nigeria. We are still balling here. Mo flogging, no bread que.

seunmsg:


Stop talking nonsense my friend. Nigeria's economy is not in recession. World bank and IMF are even projecting a 3% GDP growth for us this year. The problem we have is linked to forex scarcity which is pushing prices of commodities above the roof.

Ordinarily I don't expect any logical or intellectual contribution from your likes and you in particular. The UK announced a recession when their economy shrank by 1 and then 0.3 but somehow inflation is at 4% with service inflation around 6%. That has also seen a rise in wage inflation. But currently in Nigeria the government claims inflation is around 29%, despite prices of commodities and services experiencing over 100% increase with absolutely no wage increase? I don't expect you to see how inconsistent the government figures are with your eyes closed. The fact that they are already ringing the alarms with those figures while the likes of you and the government keep lying to yourselves and others on how there's no cause for alarm says alot.

Apc government has found excuse to deceive its gullible supporters

Illiterate labour party members and supporters will soon blame president TINUBU for UK recession

[color=#000099][/color] lol

Paraman:
UK economy has entered recession after recording two successive quarters of negative economic growth in the second half of last year, official data showed on Thursday.

Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession.

According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters.

The figures will be a blow to Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023.

In 2020, the UK economy entered recession and contracted by a record 20.4 per cent in the second quarter with the country in lockdown over the coronavirus pandemic, official data had shown.


“It is clear that the UK is in the largest recession on record,” the Office for National Statistics said then.

Meanwhile, in December 2023, Britain’s economy unexpectedly shrank in the third quarter, official data showed, raising fears of a potential recession before an election due next year (2024).

Gross domestic product contracted 0.1 per cent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement.


https://punchng.com/uk-economy-enters-recession/?utm_source=telegram&utm_medium=social

we're not on recession, so rest.
high cost of living is not recession, may be you
just want to use every chance to criticize tinubu.

Nbote:
Economy shrank by 0.3 and 1 percent and they are ringing the alarm bells already. Nigerian Economy is on full srinking reverse/retrogression and the useless govt and their fanboys says there's no cause for alarm

Nbote:


Ordinarily I don't expect any logical or intellectual contribution from your likes and you in particular. The UK announced a recession when their economy shrank by 1 and then 0.3 but somehow inflation is at 4% with service inflation around 6%. That has also seen a rise in wage inflation. But currently in Nigeria the government claims inflation is around 29%, despite prices of commodities and services experiencing over 100% increase with absolutely no wage increase? I don't expect you to see how inconsistent the government figures are with your eyes closed. The fact that they are already ringing the alarms with those figures while the likes of you and the government keep lying to yourselves and others on how there's no cause for alarm says alot.

UK government is not ringing any alarm. Data from their economy is simply telling them that they have entered recession. If Nigeria enter recession like we did in 2016, data will reveal it whether government likes it or not. And yes, we have serious inflation problem and that is linked to the forex crisis.