LONDON - Britain’s sluggish economy looks to have dodged recession in the run-up to its deadline for leaving the European Union this month, official data showed on Thursday.
Output in August alone dropped by 0.1% on the month versus economists’ average forecast for it to hold steady, while growth in July was revised up to 0.4%, the Office for National Statistics said.“The economy has regained some momentum but the underlying trend is towards softer growth. The headwinds from a major global slowdown and uncertainty at home point to weaker growth ahead,” said Ian Stewart, chief economist at accountants Deloitte.
Two consecutive quarters of contraction would mean Britain’s economy met a commonly used definition of recession, but the ONS said the economy would need to shrink by an almost unprecedented 1.5% in September alone for this to happen. The Bank of England predicted last month that Britain’s economy would manage growth of 0.2% in the third quarter, bolstered in part by higher public spending.
Don’t worry. Brexit will tip it over.
A glimmer of good news. Much needed.
Best wishes for a strong economy!
Maybe a recession is not bad. Can’t grow forever. Like marathon runner, can you run forever? It’s unrealistic to be growing forever. For any economy. If you don’t stop for a rest you will be more tired next time/recession. Negative interest rates are not the answer, more tired
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