June 2, 2023

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UK economy shrinks in March amid recession risks - Hour Times

UK economy shrinks in March amid recession risks – Hour Times

Last week, the Bank of England predicted that inflation, which was 7% in March, would rise above 10% in the last quarter of the year and against the 2% target (Image: REUTERS / Luke MacGregor / File Photo)

The Economy Of United Kingdom Car sales fell unexpectedly by 0.1% in March due to supply chain problems, ending on a weak note in the first quarter of the recession-threatening year.

The GDP According to the National Statistics Office, the central bank’s forecast for the first three months of 2022 is up 0.8%, with a 0.9% forecast and a 1.0% forecast. Reuters.

Although lower than expected, the expansion between January and March is expected to mark a high point for this year, with consumer spending under the biggest pressure for decades.

Last week, The Bank of England Inflation, which stood at 7% in March, is forecast to be above 10% in the last quarter of the year and the target at 2%.

“Our recovery has been hampered by the brutal invasion of Ukraine (Russian President Vladimir) Putin and other global challenges, but we will continue to help the people as much as we can,” Finance Minister Rishi Sunak said after the release of the data on Thursday.

The United Kingdom, unlike its European neighbors, has limited direct economic relations with Russia, but has been hit hard by rising energy prices in Europe.

On a monthly basis, GDP is now 1.2% higher than the pre-February 2020 Govt. However, most recovery reflects higher health care costs – 11% since the onset of the epidemic – while consumer services are still down 7%. Pre-Kovit position.

In March alone, sales of cars and motor vehicles fell 15.1%, leading to a 0.2% drop in overall service output.


The Mani Times publishes journalistic information articles. This publication does not generate an investment recommendation.

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