Economy of the United Kingdom

UK Economy Plunges into Recession!

Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023. The grim data indicates a contraction in GDP for two consecutive quarters, marking what economists term as a "technical recession."

BoG sees economy growing 2.2% in 2023

The Bank of Greece projects an acceleration in Greece's recovery after 2023 and a gradual decline in inflation, with the economy expected to grow by 2.2% in 2023, 3% in 2024 and 2.7% in 2025, the central bank said in its Monetary Policy Report 2022-2023, which was presented to the speaker of the Greek Parliament and the cabinet.

UK economy ekes out growth in first quarter

Britain's economy grew 0.1 percent over the first quarter despite weakening in March, official data revealed Friday, as output continues to be hit by high inflation and strikes.

After narrowly avoiding recession last year, the economy advanced 0.5 percent in January before flattening in February and sliding 0.3 percent in March, the Office for National Statistics said in a statement.

Royal Mail facing ‘systemic failure’

Alamy Photo

Britain's Royal Mail has "systemically failed" to meet its mail delivery requirement, lawmakers have said, calling upon regulator Ofcom to probe the postal operator.

"We believe that Royal Mail has systemically failed to deliver against parts of its universal service obligation," read a report from the cross-party Business, Energy and Industrial Strategy Committee.

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