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UK double-dip recession concludes bringing cheer for Britons

Written on:October 25, 2023
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PM David Cameron had given a clue on Wednesday about the upcoming positive news on recession

The double-dip recession of the UK is over with British economy rising by 1% in the three months to September, revealed GDP statistics.

The figures, divulged by the Office for National Statistics (ONS), have signaled the termination of nine months of economic contraction, in which the UK economy dwindled on account of austerity measures, tall inflation and the Eurozone crisis.

The ONS figures reveal that the UK economy diminished by 0.4% in the previous quarter. PM David Cameron clued on Wednesday that pleasant news on the recession could be expected.

But the ONS statistics have surpassed even the most optimistic expectations as the quarterly growth announced by the ONS is the most robust quarterly rise in five years. In accordance with the ONS, the British economy had heightened by 0.3% hitherto this year.

The news of the recession being over will be a source of relief for the UK government, which can now state to the public that the governmental austerity initiatives have not chopped off economic growth.

But economists have warned that the strong GDP headline figure was sweet-talked by the automatic rally from the lost working day on account of the Queen’s Diamond Jubilee in June and the addition of Olympic ticket sales.

The ONS had estimated that the additional bank holiday removed 0.5% from growth in the second quarter. The Olympic ticket sales, as per the ONS, would have added 0.2% to growth in the third quarter.

ONS statistics presented favourable news for the UK service sector, which stands for in excess of three quarters of the UK economy. The service sector strengthened by 1.3% subsequent to a 0.1% dip in the previous quarter. This is the healthiest quarterly growth since the third quarter of 2007.

Industrial/manufacturing output increased by 1.1% in the latest quarter, which is the strongest rise since 2010’s second quarter. But the UK construction sector languished at the bottom, dipping by 2.5%.

The UK economists have warned against showing too much excitement over this good news as another dip is possible due to continuing stressful Eurozone conditions.

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One Comment add one

  1. Mary says:

    Ahh… this is great news…. finally the Conservatives will receive some praise…George Osborne may be dancing on hearing this news….imagine that!!!!

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