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UK economy shows no growth in April – ONS
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(Reuters) -A swift rebound in Britain’s economy in early 2024 came to a halt in April, driven by sharp declines in industrial and construction output in another challenging set of data for Prime Minister Rishi Sunak ahead of the July 4 election.
(Reuters) -A swift rebound in Britain’s economy in early 2024 came to a halt in April, driven by sharp declines in industrial and construction output in another challenging set of data for Prime Minister Rishi Sunak ahead of the July 4 election.
Gross domestic product was flat in April after a 0.4% month-on-month rise in March, the Office for National Statistics said.
A Reuters poll of economists had pointed to no growth for monthly gross domestic product in April.
The figures follow labour market data on Tuesday that showed falling employment and rising unemployment, but continued strong wage growth.
Rachel Reeves, who stands to become finance minister if the opposition Labour Party wins the election, sought to use the data to attack one of Sunak’s main election campaign messages.
“Rishi Sunak claims we have turned a corner, but the economy has stalled and there is no growth,” she said immediately after the figures were published.
(Reporting by Andy Bruce; Editing by William Schomberg)
Unemployment refers to the situation when individuals who are capable of working are unable to find a job. It is often expressed as a percentage of the total labor force.
Economic growth is the increase in the production of goods and services in an economy over a period of time, typically measured as the percentage increase in real GDP.
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, often leading to a loss of confidence and a significant economic downturn.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured by the Consumer Price Index (CPI).
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