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UK economy shrinks as GDP falls by 0.1% – what it means for your money
admin 1 day agoBlogsComments Off on UK economy shrinks as GDP falls by 0.1% – what it means for your money2 Views
Understanding GDP and Its Impact on the Economy
Understanding GDP
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BRITAIN’S economy fell 0.1% in January, caused by a fall in the production sector, according to official figures.
The latest figures from the Office for National Statistics (ONS) reveal Gross Domestic Product (DGP) fell marginally in January.
The latest figures for GDP show the economy fell in January
GDP is one of the main indicators used to measure the performance of a country’s economy.
When it goes up, it means the economy is doing well, when it falls it means the economy has shrunk.
What is the Bank of England base rate and how does it affect me?
Money matters
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Liz McKeown, Director of Economic Statistics at the ONS, said: “The economy shrank a little in January but grew in the latest three months as a whole, with the overall picture continuing to be of weak growth.”
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
