from BBC News:
A recession is defined as a period of economic decline, typically identified by two consecutive quarters of negative economic growth, as measured by the country's Gross Domestic Product (GDP). During a recession, the economy shrinks, GDP falls, and average incomes tend to decline. The UK economy fell into recession during the final three months of 2023, according to official figures from the Office for National Statistics (ONS). The figures show that the UK's GDP fell by 0.1% in the fourth quarter of 2023 compared to the previous quarter, marking the first recession in the UK since the COVID-19 pandemic began.
The impact of a recession on individuals can be significant. A decline in economic growth can lead to a decrease in job opportunities, lower wages, and reduced government revenue through taxes. This can have a ripple effect on people's pockets, as they may struggle to make ends meet. ** Check back for any additional developments.
A recession is defined as a period of economic decline, typically identified by two consecutive quarters of negative economic growth, as measured by the country's Gross Domestic Product (GDP). During a recession, the economy shrinks, GDP falls, and average incomes tend to decline. The UK economy fell into recession during the final three months of 2023, according to official figures from the Office for National Statistics (ONS). The figures show that the UK's GDP fell by 0.1% in the fourth quarter of 2023 compared to the previous quarter, marking the first recession in the UK since the COVID-19 pandemic began.
The impact of a recession on individuals can be significant. A decline in economic growth can lead to a decrease in job opportunities, lower wages, and reduced government revenue through taxes. This can have a ripple effect on people's pockets, as they may struggle to make ends meet. ** Check back for any additional developments.
TLDR?
• A recession is a period of economic decline, typically defined as a decline in gross domestic product (GDP) for two or more consecutive quarters.• During a recession, the economy shrinks, GDP falls, and average incomes tend to fall as a result.
• A recession can affect people's pockets, as it can lead to job losses, reduced hours, and lower wages.
• The UK economy fell into recession during the final three months of 2023, according to official figures.
• The Office for National Statistics (ONS) publishes figures for the UK's Gross Domestic Product (GDP).
• The 20.4% fall recorded between April and June 2020 was the largest on record.
• The previous recession started in 2008 as a result of the global financial crisis, and went on for five quarters, or 15 months.
• Economic growth is good, as it can mean that more jobs are available, and that companies can pay more to employees and shareholders.
• The higher wages and larger profits seen in
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In The News:
Will Australia go into a recession? – Forbes Advisor Australia
The journalists on the editorial team at Forbes Advisor Australia base their research and opinions on objective, independent information-gathering.
When covering investment and personal finance stories, we aim to inform our readers rather than recommend specific financial product or asset classes. While we may highlight certain positives of a financial product or asset class, there is no guarantee that readers will benefit from the product or investment approach ...
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