Friday, September 22, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

UK economy grew in second quarter, easing recession fears

AFPbyAFP
September 30, 2022, 7:35 pm
in Business, Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

London, United Kingdom—Britain’s economy grew in the second quarter and did not shrink as previously thought, data showed Friday, easing recession fears amid ongoing turmoil over the government’s tax-slashing budget.

Gross domestic product expanded 0.2 percent in the three months to the end of June, upgraded from a 0.1-percent contraction, the Office for National Statistics said in a statement citing improvements in data methods.

The news implies that Britain is not in recession, confounding the Bank of England’s recent prediction and boosting British Prime Minister Liz Truss as she defends her controversial budget that sparked markets chaos this week.

Friday’s upbeat data comes two days after the BoE jumped into the bond market to prevent a material risk to UK financial stability after the budget sparked fears over the public finances.

“Today we’ve published improved GDP figures incorporating new methods and sources,” said ONS chief economist Grant Fitzner.

“These new figures include more accurate estimates of the financial sector and how the costs facing the health sector changed throughout the pandemic.”

The BoE had indicated earlier this month that the economy was sinking into recession in the current third quarter or three months to September.

The technical definition of a recession is two quarters of successive economic contraction.

The British central bank had snapped up long-dated government bonds on Wednesday, after Britain’s recent tax-slashing budget sent state borrowing costs soaring and the pound briefly plunging to a record dollar low.

The ONS added Friday that the UK economy is 0.2 percent smaller than its pre-pandemic size.

The statistics agency had previously thought it was 0.6 percent larger than in 2019.

“The good news is that the economy is not already in recession,” said Capital Economics analyst Paul Dales.

“The bad news is that contrary to previous thinking, it still hasn’t returned to pre-pandemic levels.”

It was meanwhile confirmed Friday that the UK economy slumped by 11 percent in 2020 as a result of fallout from the COVID pandemic. It then rebounded with 7.5-percent growth in 2021.

Tags: BritainEconomyGrant FitznerRecession
ADVERTISEMENT
AFP

AFP

Related Posts

China to control half of world hydrogen electrolyzer capacity

byAFP
September 22, 2023, 8:20 pm
0
8
China insists it ‘strictly’ implements UN resolutions

PARIS, France—By the end of 2023, China will control half the world’s installed capacity of electrolyzers for producing low-carbon hydrogen...

Read more

EU seeks to put brakes on Chinese electric cars without hurting ties

byManila Standard
September 22, 2023, 8:15 pm
0
8
EU seeks to put brakes on Chinese electric cars without hurting ties

RUSSELS, Belgium—When the EU launched an investigation into Chinese electric car subsidies, Brussels wanted the world to know that it...

Read more

Thai PM meets Musk, tech firms on investments

byManila Standard
September 22, 2023, 8:10 pm
0
8
Southwoods nails Seniors’ Fil golf crown

BANGKOK, Thailand—Thailand’s new prime minister has met Tesla boss Elon Musk and executives from other US tech and investment firms...

Read more

PetroSolar signs 3-year supply deal with Shell Energy

byAlena Mae S. Flores
September 22, 2023, 8:05 pm
0
8
PetroSolar’s Tarlac plant delivers power

PetroSolar Corp. (PSC), a subsidiary of PetroGreen Energy Corp. (PEGC), said Friday it signed a three-year power supply agreement (PSA)...

Read more

ACEN subscribes to shares of 5 floating solar proponents

byAlena Mae S. Flores
September 22, 2023, 8:00 pm
0
8
Donation

ACEN Corp. said Friday it  subscribed to shares of five of wholly-owned subsidiaries that won contracts to develop solar projects...

Read more

BEXCS Logistics expands operations in Hong Kong

byDarwin G. Amojelar
September 22, 2023, 4:31 pm
0
8
BEXCS Logistics expands operations in Hong Kong

BEXCS Logistics Solutions Inc. said Friday it expanded its operations in Hong Kong to solidify its presence in the global...

Read more

Print Edition

View More

Recent Posts

  • Solar-powered irrigation pump
  • ‘Rody top senatorial pick; Ong, Tulfo tied at 2nd place’
  • Lawmaker seeks whole-of-nation approach against online child abuse
  • AFP to recruit 2m reservists once ROTC made mandatory again
  • Indigent families in Caloocan receive fish packs from Tingog party-list
  • Agency backs proposal to hire senior citizens
  • China to control half of world hydrogen electrolyzer capacity
  • EU seeks to put brakes on Chinese electric cars without hurting ties

Advertisement

Latest News

Agency backs proposal to hire senior citizens

byManila Standard
September 22, 2023, 10:00 pm
0
8
Kin of drug war victims ask ICC to resume probe

The National Commission of Senior Citizens (NCSC) on Thursday welcomed the filing of a bill mandating the public and private...

Read more

China to control half of world hydrogen electrolyzer capacity

byAFP
September 22, 2023, 8:20 pm
0
8
China insists it ‘strictly’ implements UN resolutions

PARIS, France—By the end of 2023, China will control half the world’s installed capacity of electrolyzers for producing low-carbon hydrogen...

Read more

EU seeks to put brakes on Chinese electric cars without hurting ties

byManila Standard
September 22, 2023, 8:15 pm
0
8
EU seeks to put brakes on Chinese electric cars without hurting ties

RUSSELS, Belgium—When the EU launched an investigation into Chinese electric car subsidies, Brussels wanted the world to know that it...

Read more

Thai PM meets Musk, tech firms on investments

byManila Standard
September 22, 2023, 8:10 pm
0
8
Southwoods nails Seniors’ Fil golf crown

BANGKOK, Thailand—Thailand’s new prime minister has met Tesla boss Elon Musk and executives from other US tech and investment firms...

Read more

PetroSolar signs 3-year supply deal with Shell Energy

byAlena Mae S. Flores
September 22, 2023, 8:05 pm
0
8
PetroSolar’s Tarlac plant delivers power

PetroSolar Corp. (PSC), a subsidiary of PetroGreen Energy Corp. (PEGC), said Friday it signed a three-year power supply agreement (PSA)...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Pets
  • Tech
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Cravings
  • Environment & Sustainability
  • Agriculture
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Gallery
    • Photos
    • Videos
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App