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11 November 2019

UK avoids recession

The Office for National Statistics confirmed this morning (11th November 2019) that the UK has not fallen into recession.
 
James Rowbury, Investment Research Coordinator, said:
 
“The UK has narrowly avoided entering recession this morning, providing a lifeline to the domestic outlook. At a time when the UK remains deep into its Brexit crisis, and a contentious election looms around the corner, it feels as though the news provides little in the way of security.
 
“A recession is defined by two successive quarters of negative GDP growth. The UK posted a meagre 0.1% growth in the last six months (0.3% for the third quarter), highlighting the precipice the economy resides on at present. Furthermore, figures for September illustrated a -0.1% fall.
 
“Global growth remains weak; however, the ongoing Brexit uncertainty has specifically eroded the UK’s ability to keep pace. While consumption remained strong, business investment remains the biggest detractor to the measure. This is no surprise given the ongoing uncertainty around the UK’s trade status and political instability.”
 
Ends

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UK avoids recession
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