(Reuters) – UBS Global Research lowered its full-year growth forecast for the British economy on Wednesday to 0.2%, down from 0.6% expected previously.
Britain’s economy returned to growth in January after entering a shallow recession in the second half of 2023, with gross domestic product (GDP) growing by 0.2% month-on-month.
GDP had shrunk by 0.3% in the final quarter of 2023 and 0.1% in the quarter before – meeting the technical definition of recession widely used in Europe.
(Reporting by Roshan Abraham in Bengaluru; Editing by Tasim Zahid)
