Britain’s economy avoids recession

epa07764151 Cranes rise above St. Pauls Cathedral in London, Britain, 09 August 2019. The British economy contracted by 0.2 percent between April and June 2019. The Pound Sterling subsequently depreciated against the Dollar and Euro, according to the Office for National Statistics. EPA-EFE/ANDY RAIN

Reading Time: < 1 minute

Britain’s economy avoided a recession in the third quarter after it expanded by 0.3% but the annual pace of growth was the slowest for nearly 10 years as Brexit uncertainty depressed business activity.

Official figures showed the UK returned to growth between July and September after a dip of 0.2% in the three months to the end of June. A technical recession is defined by two successive quarters of negative growth.

There were fears that Brexit uncertainty might have pushed the economy into further negative growth but Britain’s services sector – which encompasses a range of industries from film and TV production to banking and the high street – performed strongly enough to push the UK into positive territory.

The shadow chancellor, John McDonnell, said the sight of ministers celebrating 0.1% growth over the last six months was “a sign of how low their hopes and expectations for our economy are”.

Via The Guardian

%d bloggers like this: