Tags: Britain | Economy

UK Economy Grows Slightly in Revised GDP Estimate

Friday, 30 September 2022 06:01 AM EDT

LONDON (AP) — Revised figures show the U.K. economy grew slightly in the second quarter of the year, indicating the country isn’t currently in a recession.

The Office for National Statistics said Friday that gross domestic product increased by 0.2% in the three months through June, compared with the agency’s previous estimate that the economy shrank by 0.1% in the period.

The new estimate means the British economy isn’t technically in a recession, which is traditionally defined by two consecutive quarters of shrinking GDP.

The Bank of England said last week that it expected GDP to fall by 0.1% in the three months through September. That would have put the British economy into a technical recession if the second-quarter figures hadn’t been revised.

The new figures more accurately reflect growth in financial services and the pandemic’s impact on healthcare, the national statistics office said.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Revised figures show the U.K. economy grew slightly in the second quarter of the year, indicating the country isn't currently in a recession. The Office for National Statistics said Friday that gross domestic product increased by 0.2% in the three months through June,...
Britain,Economy
143
2022-01-30
Friday, 30 September 2022 06:01 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved