Sam Page’s Post

The latest official figures reveal how the UK's GDP declined by 0.3% during the final quarter of 2023. The Office for National Statistics revealed that the UK was in a recession in the second half of 2023 although this was less severe than first thought. The 0.3% dip in GDP following a period of no growth between July and September 2023. The economy still shrunk for two quarters in a row, the definition of a recession, but the total contraction over that six-month period dropped from 0.5% to 0.4%. Find out more: https://lnkd.in/eGFfHzZE

The UK's economy has outperformed expectations with a 0.6% growth in GDP between January and March, according to the Office for National Statistics (ONS). Read more ⬇️ https://lnkd.in/dV6a-HBd #UKeconomy #GDP #recession #finances

According to official figures, the UK economy is no longer in recession. Gross domestic product (GDP) grew by 0.6% between January and March, the Office for National Statistics (ONS) said. Prime Minister Rishi Sunak said it showed that the economy had “turned a corner”. A recession is where the economy contracts over two consecutive quarters, which was declared in February. It came after the ONS said that GDP, a significant measure of economic growth, shrank 0.3% between October and December. It followed a contraction of 0.1% in the period July to September. The decline was blamed on reduced customer spending amid high inflation. Months of wet weather also contributed to keeping shoppers at home, commentators said. The latest figures on Friday also revealed better-than-expected growth for March. GDP was up 0.4% during the month, which was higher than the 0.1% forecast by economists. GDP growth figures for February were also revised upwards by the ONS, from 0.1% to 0.2%. #recession #economy #ukeconomy #taxsure #inflation #gdp #economynews #businessnews #uknews #finance #taxpayers #ukgovernment

Did a reduction in GDP cause the recent change in UK government? The chart analyses the change between GDP of £549 billion in the first quarter of 2019 and £688 billion in the first quarter of 2024, a net increase of £139 billion. Inflation, at 4% a year on average over the past five years, was the largest contributor to the change (£120 billion). An increase in population of more than 0.6% a year added a further £22 billion, but this was offset by £3 billion from negative economic growth per capita. Breaking down the £19 billion change resulting from economic growth between population change and economic growth per capita in this way highlights how net inward migration has been one of the most significant drivers of the UK economy over the past five years. While there are multiple reasons why the electorate decided to vote in a new government in the recent UK general election, the £41 reduction in quarterly GDP per capita over the past five years after adjusting for inflation - and the associated drop in living standards - is likely to have been one of them. The good news is that the next five years may be better, with monthly GDP up by 0.40% over the course of April and May 2024 and the latest Business Confidence Monitor from the Institute of Chartered Accountants in England & Wales reporting that business confidence has risen to its highest level in over two years. What do you think? #costreduction #procurement #accountancy #business #icaew #nonexecutivedirector #ned