Rolling coverage of the latest economic and financial newsOvernight, Japan has unexpectedly fallen into a recession after its economy shrank for two quarters in a row, new data shows.Japan’s real GDP – the total value of goods and services – shrank by 0.1% in the last three months of 2023 compared to the previous quarter, due to weak spending by households and businesses, according to the cabinet office.“Last year, overall GDP was basically flat… It wouldn’t take much to tip it either way, frankly.”“There is a good chance of another modest quarter-to-quarter contraction in GDP data for Q4 23 leading to headlines that a “recession has begun”.”“However, as BoE Governor Andrew Bailey has highlighted, it doesn’t makes sense to put too much weight on a “technical” 2 quarters of modestly negative growth and any recession will very likely be shallow as real disposable incomes rise and monetary policy starts to ease. “ Continue reading…
Source link : https://www.theguardian.com/business/live/2024/feb/15/uk-gdp-report-economy-growth-stagnation-technical-recession-jeremy-hunt-rachel-reeves-business-live
Author : Graeme Wearden
Publish date : 2024-02-15 06:48:39
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UK GDP report to show if economy has fallen into a technical recession – business live
