The United Kingdom's Office for National Statistics (ONS) reported this Thursday (15) that the country has entered a technical recession, having accumulated two consecutive quarters of economic contraction.
The British Gross Domestic Product (GDP) fell by 0.3% in the last quarter of 2023, after a fall of 0.1% between July and September. Year-to-date, there was a small expansion of 0.1% compared to 2022.
One of the main explanations for the retraction between October and December was the reduction in commercial sales, family spending and State purchases. In the services sector, the doctors' strike and a drop in school attendance contributed to the poor GDP performance, which caused the education segment to decline by 0.8%.
In an interview with the BBC, Chancellor of the Exchequer Jeremy Hunt said that Prime Minister Rishi Sunak's government projects better numbers in the coming quarters.
“When the Prime Minister made the commitment [de gerar
crescimento econômico]he was very clear: fighting inflation had to come first,” said Hunt.
“The general picture is that, in fact, since then, the economy has been more resilient, unemployment has remained low, real wages have been increasing for six months. And if we stand firm now, we can see the light at the end of the tunnel,” he said.
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