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British economic growth was hampered by high inflation

The British economy has stagnated according to statistics in the third quarter of this year, and the finance minister of this country has announced that high inflation has hindered economic growth in the UK.

– International news

According to the report of the international group Tasnim news agency quoting “Handelsblatt” newspaper, according to British finance minister Jeremy Hunt, economic growth in this country has been hampered by high inflation.

British economy in the third quarter of this year It has been stopped due to high inflation and sharp increase in interest rates. Britain’s statistics office ONS said in London on Friday that gross domestic product contracted from July to September compared to the previous quarter. Economists polled by Reuters had even expected a 0.1 percent contraction after 0.2 percent growth in the spring. In the initial assessment, he said: High inflation is the biggest obstacle to economic growth. According to him, in September, the inflation rate was 6.7 percent higher than any other major industrialized country and was far from the desirable two percent target.

Service providers in the quarter The past has decreased by 0.1. While industrial production has largely stagnated, the construction industry achieved a small growth of 0.1%. It has increased to 5.25 percent, but has recently refrained from further tightening monetary policy. The interest rate has reached its highest level in the last 15 years with 5.25%. The Bank of England wants to fight inflation with this. At the same time, this weakens the economy, as investment loans have become significantly more expensive.

The central bank expects gross domestic product in three The current fourth month will increase by only 0.1 percent. In this situation, stagnation is predicted for 2024 in general and growth of 0.25% for 2025.

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