Textile

0.3% shrink in Q4 2023 UK GDP; further cooling in labour demand: ONS

30 Mar '24
1 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

UK gross domestic product (GDP) contracted by 0.3 per cent in the fourth quarter (Q4) last year as higher prices and tighter financial conditions led to a slowing in the economy, according to the Office of National Statistics (ONS).

A further cooling was observed in labour demand as job vacancies fell for the 20th consecutive period between December last year and February this year, while annual growth in regular earnings was 6.1 per cent in the three-month period from November 2023 to January 2024, following the peak of 7.9 per cent earlier in the year, an ONS release said.

Headline 12-month consumer price inflation (CPI) slowed from 4 per cent in January to 3.4 per cent in February this year, while the annual rate of core inflation declined to 4.5 per cent in February, which is the first time it has been below 5 per cent in over two years.

Fibre2Fashion News Desk (DS)
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