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Market Analysis

UK Economy Stagnates in April, Reports ONS
Amos Simanungkalit · 13.3K Views

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In early 2024, Britain's economic recovery showed a sudden slowdown in April, marked by significant declines in industrial and construction output, presenting further challenges for Prime Minister Rishi Sunak ahead of the upcoming July 4 election.


According to the Office for National Statistics, gross domestic product remained stagnant in April following a 0.4% increase in March, contrary to expectations from a Reuters poll of economists which had anticipated no growth.


This data release follows recent labor market reports indicating a decrease in employment alongside rising unemployment rates, despite robust wage growth.


Rachel Reeves, potential finance minister under a Labour Party victory, used the figures to criticize Sunak's campaign narrative, stating, "Rishi Sunak claims progress, but these numbers show economic stagnation with no growth."

 


Paraphrasing text from "Reuters" all rights reserved by the original author.

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