UK Heads for Long Recession as Economy Shrinks by 0.2%

THE GUARDIAN: ONS figures for three months to September give bleak picture in run-up to chancellor’s autumn statement

Britain’s economy shrank by 0.2% in the three months to September, in what is expected to be the beginning of a long recession.

In its first estimate of growth in the third quarter, the Office for National Statistics (ONS) presented a bleak picture of the economy before next week’s autumn statement from the chancellor, Jeremy Hunt.

Activity in the service sector ground to a halt, with zero growth over the quarter, driven by a fall in consumer spending as households came under mounting pressure from the cost of living crisis.

Growth in the construction sector slowed, while factory output slumped because of a sharp decline in manufacturing as some businesses continued to struggle with supply chain difficulties and shortages of key materials. » | Larry Elliott and Richard Partington | Friday, November 11, 2022

Europe Braces for Recession as Economies Falter: Britain’s economic output fell in the third quarter and European Union officials forecast weakening growth for countries across the continent. »

Average UK Household £8,800 a Year Worse Off Than Those in France or Germany

THE GUARDIAN: Thinktank blames inequality and poor productivity as CBI calls for investment policies to fuel growth

The UK’s failure to get serious about inequality and weak growth over the past 15 years has left the average British household £8,800 poorer than its equivalent in five comparable countries, research has found.

A “toxic combination” of poor productivity and a failure to narrow the divide between rich and poor had resulted in a widening prosperity gap with France, Germany, Australia, Canada and the Netherlands, the report from the Resolution Foundation said.

The thinktank said that if the UK matched the average income and inequality levels of those countries, typical household incomes in Britain would be a third higher and those of the poorest households two-fifths greater.

Its chief executive, Torsten Bell, said: “Britain is a rich country, with huge economic and cultural strengths. But those strengths are not being built on with the recent record of low growth leaving Britain trailing behind its peers.

“This forms a toxic combination with the UK’s high inequality, leaving low- and middle-income households far poorer than their counterparts in similar countries. » | Larry Elliott | Wednesday, July 13, 2022

UK to Plunge into Deepest Slump On Record with Worst GDP Drop of G7

THE GUARDIAN: Official measure to be declared this week as coronavirus lockdown shrinks GDP by 21% in second quarter

Britain’s economy will be officially declared in recession this week for the first time since the 2008 financial crisis, as the coronavirus outbreak plunges the country into the deepest slump on record.

Figures from the Office for National Statistics on Wednesday are expected to show that gross domestic product (GDP), the broadest measure of economic prosperity, fell in the three months to June by 21%.

After a decline of 2.2% in the first quarter, the latest snapshot will confirm the UK economy’s descent into recession after the outbreak spread in March and the government imposed a nationwide lockdown to contain it. Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession. » | Richard Partington | Sunday, August 9, 2020

Kingdom's GDP Exceeds SR1 Trillion
ARAB NEWS: JEDDAH: Saudi Arabia's gross domestic product (GDP) exceeded the SR1 trillion ($273 billion) mark in the first half of this year compared to SR811 billion in the same period last year on the back of higher oil output and energy prices, the Central Department of Statistics and Information said in its report.

The GDP, unadjusted for inflation, jumped 26.1 percent from a year earlier. The statistics department said GDP of the oil sector alone soared 38.9 percent to SR573.4 billion.

The Kingdom received another boost with the annual report of the World Bank Group and the International Finance Corporation for 2012 acknowledging its regional top rank in the Middle East and North Africa region with regard to facilitating business. The report “Doing Business 2012: Doing Business in a More Transparent World,” which has been released in Washington, has ranked the Kingdom 12th in the domain of ease of doing business and other commercial transactions among 183 nations worldwide due to improvements introduced by the Kingdom concerning government procedures for corporate activities and making business easier for entrepreneurs. » | KHALIL HANWARE | ARAB NEWS | Friday, October 21, 2011