This is a preview. View original post on this site
Outperforming expectations but underperforming peers
While the U.K. economy has vastly outperformed growth expectations set last year, it needs to be said that the bar was pretty low. More than a year ago, the Bank of England (BoE) was expecting a severe economic downturn together with rapidly rising unemployment.
This severe downturn did not happen, but GDP data now shows that U.K. economy did indeed experience a technical recession in the second half of 2023, as it experienced two consecutive quarters of negative growth. Total growth for 2023 is just barely positive thanks to slightly better performance in the first
