Revisions to figures show stronger performance than Germany and France but momentum starts to stall
The ONS said growth in the first quarter of 2023 was revised up to 0.3% from an earlier estimate of 0.1%, while its estimate for growth in the second quarter was unchanged at 0.2%. Growth was also faster than expected last year. GDP is now estimated to have increased by 4.3% in 2022, revised from a first estimate of 4.1%.
Momentum is, however, beginning to stall as the UK economy grapples with higher interest rates from the Bank of England and stubbornly high inflation weighing on businesses and households amid growing fears of a recession. Sandra Horsfield, of the investment bank Investec, said: “We see little in today’s numbers to derail our expectation of a more challenging growth picture ahead: we continue to forecast that the UK economy will enter a recession over the winter months.”, said: “We still think that higher interest rates will trigger a mild recession involving a 0.5% fall in GDP in the coming quarters.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Germany and Israel sign ‘historic’ missile shield dealGermany on Thursday signed a deal to acquire the Israeli-made Arrow 3 hypersonic missile system that will become a key part of Europe's defence against air attack.
Read more »
Six women rescued from back of lorry in France after texts to reporterWomen aiming to reach UK or Ireland realised lorry was heading in wrong direction and contacted BBC journalist
Read more »
France faces court action over widespread use of racial profilingRights groups hope to bring end to discrimination they say has gone unaddressed by successive governments
Read more »
Bondi ironwoman mourned after sudden death in FranceThe Bondi beach community is in mourning after champion athlete and surf club volunteer Louise Santos died suddenly while on holiday in France.
Read more »
UN criticises France’s ban on its Olympic athletes wearing headscarvesDress codes should not be imposed on women, spokesperson says, after Paris Games ban affecting French athletes
Read more »