Britain Falls Into Recession, Worse GDP Performance in 2023 in Years

[NuclearID]

Britain falls into recession, with worst GDP performance in 2023 in years

London
CNN
—
The United Kingdom has slipped into recession just months ahead of a general election, official figures showed Thursday, derailing Prime Minister Rishi Sunak’s pledge to generate economic growth.

Gross domestic product fell 0.3% in the final three months of 2023, following a 0.1% contraction in the July-to-September period, the Office for National Statistics said. A recession is commonly defined as two consecutive quarters of contraction.

“All the main sectors fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery,” ONS director of economic statistics Liz McKeown said in a statement.

https://www.cnn.com/2024/02/15/economy/britain-falls-into-recession/index.html

&

UK economy fell into recession in second half of 2023

The Office for National Statistics (ONS) said economic output fell by 0.1% in monthly terms in December after 0.2% growth in November.

indianexpress.com

 

[NuclearID]

So UK members... How's that whole leaving the EU thing going?

 

[DEFCON Warning System]

So UK members... How's that whole leaving the EU thing going?

The UK is in a "technical recession".

The U.K. economy slipped into a technical recession in the final quarter of last year, initial figures showed Thursday.

The Office for National Statistics said U.K. gross domestic product shrank by 0.3% in the final three months of the year, notching the second consecutive quarterly decline.

Though there is no official definition of a recession, two straight quarters of negative growth is widely considered a technical recession

UK economy slipped into technical recession at the end of 2023

The U.K. economy slipped into a deeper-than-expected technical recession in the final quarter of last year, initial figures showed Thursday.

www.cnbc.com

It should be noted that when this happened to the US just a little while ago, the news and pundits went out of their way to say the US was not in a recession, so the term recession seems to be somewhat flexible, depending on the agenda of who is proclaiming it.

The EU, on the other hand, is barely squeaking by.

but also worryingly sluggish growth, expected to reach just 0.8 percent.

EU cuts growth and inflation forecasts for 2024

The European Commission on Thursday cut both its growth and inflation forecasts for the eurozone in 2024, as it warned geopolitical tensions spelled rising uncertainty for the single-currency area's…

www.france24.com

 

[NuclearID]

So the term recession seems to be somewhat flexible, depending on the agenda of who is proclaiming it.

This I can entirly get behind and agree with you here.

To note I was just being sly or humorous about my comment regarding Brexit. But do think in the end has hurt them more then any good has come of it.

 

[GBS61]

This I can entirly get behind and agree with you here.

To note I was just being sly or humorous about my comment regarding Brexit. But do think in the end has hurt them more then any good has come of it.

Nothing to do with Brexit, Europe is in bad shape.

 

[DEFCON Warning System]

But do think in the end has hurt them more then any good has come of it.

You may be right. I don't know. I don't follow UK economics that much. I just didn't like the UK putting itself under control of the EU.

 

[NuclearID]

Nothing to do with Brexit, Europe is in bad shape.

No. Brexit has hurt U.K terribly coupled with global economic woes. Without the trade deals with the EU the price of everything in UK is drastically more expensive then other EU countries. Plus the border checks have also slowed economic growth making it less favorable for other EU nations to do business or work in the UK.

Even @Friendly Engineer and I had this conversation about a year ago. I got most this information from him. He lives in the UK. Think he knows what he talking about.

 

[Friendly Engineer]

Don't put words in my mouth, sure, the UK has had economic issues. Most countries have, all thanks to COVID, the invasion etc...
Brexit may have exacerbated those issues, but it also presents a unique opportunity for the future. We could go out and forge alliances with Canada, Australia & New Zealand.
Whether or not politicians take advantage of these opportunities is another thing entirely.

As you can see, our growth (or lack thereof) isn't dissimilar from the rest of Europe.
Brexit has had a marginal effect on growth. The effect is there, but isn't massive.

What impact has Brexit had on the UK economy?

It is three years since the UK left the EU and time to start looking at the evidence.

www.bbc.co.uk

The argument for leaving the European Union was social, emotional & political for most people. There were some flawed economic arguments made, granted, but that wasn't the main argument for leaving. Personally I think that the actual exit could've been handled far better, and if it had been, the economic effects of Brexit would have been less.

 

[NuclearID]

Don't put words in my mouth

Sorry just did some digging with the search tool. I mixed you up for the member @Train. My apologizes.

Edit:
Just checked his profile. He hasn't been on since July last year. Had plenty good conversations about economics with him.