In November, the British economy recorded growth of 0.3%, however, according to data from the Office for National Statistics, output contracted by 0.2% in the three months to the end of November. This decrease was greater than expected, reaching 0.1%.
The British economy managed to grow slightly stronger than expected in November, by 0.3%, after recording a decline in October. However, the risk of an economic recession remains, leaving Prime Minister Rishi Sunak at risk in this year's elections, according to Reuters.
According to data from the Office for National Statistics (ONS), production fell by 0.2% in the three months to the end of November. This decrease was greater than expected, reaching 0.1%.
If December sees a stagnation or contraction in production, it could result in output falling for the second quarter in a row, which could put the economy into a shallow recession, according to the Office for National Statistics.
“The question remains whether or not the economy will enter a technical recession in the second half of 2023,” says economist Sandra Horsfield.
However, the British economy is not the only one suffering from “weakness”, most European economies are suffering from weakness due to the effects of the Russian invasion of Ukraine, which began in February 2022. For example, the German economy weakened in the third quarter, with a decline in industrial production, which… It raised fears of a possible economic recession in the country.
To counter this negative trend, the British economy expects growth of 0.7% this year, according to forecasts by the Office for Budget Responsibility (OBR).
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