Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The UK economy slowed in the final quarter of 2023, underperforming both City and Bank of England expectations, data released by the Office for National Statistics Thursday showed. (MNI BOE WATCH: BOE Holds, Hiking Bias Removed From Statement)
GDP fell 0.3% in the October to December period, which followed a 0.1% decline in Q3. That left the economy in a technical recession -- defined as two consecutive quarters on negative growth -- although the ONS say that is a very narrow definition. Over the calendar year, the ONS notes growth was broadly flat, up 0.1% on 2022. The last time the UK saw 2 consecutive quarters of contraction was Q1 And Q2 2020, the first months of pandemic lockdowns.
“All the main sectors fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery," Liz McKeown, ONS director of Economic Statistics said.
MPC member Swati Dhingra will likely discuss the UK growth outlook at an MNI event on Feb 21. (see MNI INVITE: Livestreamed MNI Connect VC with BoE Dhingra On Feb 21)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.