Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Game-changing Macs: Apple launches Mac Studio and Mac Pro with revolutionary Apple silicon

    June 6, 2023

    Apple redefines laptop excellence with the thinnest 15-inch MacBook Air

    June 6, 2023

    EveLab Insight Advances Understanding of Skin Aging With AI-Driven Research

    June 5, 2023
    Facebook Twitter Instagram
    Libya News HubLibya News Hub
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Libya News HubLibya News Hub
    Home » Economists predict more pain for the UK as the economy shrinks
    Business

    Economists predict more pain for the UK as the economy shrinks

    November 11, 2022
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    As forecasters warned of many months of contraction ahead, the British economy shrank in the three months to September, official statistics showed on Friday. Despite a smaller-than-expected contraction, gross domestic product fell by 0.2% between July and September, signaling the beginning of a long recession, according to the Office for National Statistics. According to the statistics office, GDP shrank by 0.6% in September and by 0.1% in August. Among the reasons for the decline were a decline in manufacturing output and an extra holiday to mark Queen Elizabeth II’s death, which contributed to “a notable drop in retail.”

    Economists predict more pain for the UK as the economy shrinksAs a result of the COVID-19 pandemic that shut down large parts of the United Kingdom economy in February 2020, the country’s economy is now 0.2% smaller than it was then. As reported by AP, the Bank of England raised its main interest rate by three quarters of a percentage point last week. This is the biggest increase in thirty years. The inflation rate has been on the rise over the past few years. This is eroding living standards and is likely to trigger a prolonged recession in the short term, according to the central bank.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    Successful UAE-India partnership stands as a model of bilateral cooperation

    May 27, 2023
    Latest News
    Technology

    Game-changing Macs: Apple launches Mac Studio and Mac Pro with revolutionary Apple silicon

    June 6, 2023

    Apple has announced the highly anticipated launch of the new Mac Studio and Mac Pro,…

    Apple redefines laptop excellence with the thinnest 15-inch MacBook Air

    June 6, 2023

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Ayurveda vs science: Decoding the cold water conundrum

    June 2, 2023

    UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar

    June 2, 2023

    Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy

    June 1, 2023

    Unveiling the most overlooked early heart attack symptom

    June 1, 2023
    © 2021 Libya News Hub | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.