Xinhua Finance London, February 15 (Reporter Zhang Yadong) The British economy fell into a technical recession in the second half of last year due to two consecutive quarters of contraction.
According to data released by the Office for National Statistics on the 15th, the British economy shrank by 03%, after data showed that in the third quarter, the UK economy shrank by 01%, the UK economy is already in a state of technical recession.
The data shows that for the whole of 2023, the UK's economic growth momentum is weak, with a year-on-year increase of only 01%。The current Prime Minister of the United Kingdom, who made the promotion of economic growth a priority for his annual work early last year, now appears to have been less than satisfactory. This will put pressure on subsequent elections.
The main reason for the weak economic growth in the UK is high interest rates, and there is a serious lack of business investment and public demand. In addition, Brexit continues to adversely affect the UK's foreign trade.
Editor: Luo Hao.
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