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00:00 After the inflation data came to Britain, with better than expected markets, the local total data for Britain was monitored and the British economy entered a technical run-up stage
00:14 after a two-quarter decline, where it shrank in the third quarter of 2023 by 0.1% and shrank in the fourth quarter of 2023 by 0.3%.
00:27 But over the year, the local total data for Britain grew by 0.1% in 2023 compared to 2024.
00:37 But why did it shrink in the last quarter of last year?
00:41 There are two ways to calculate the total local data.
00:45 The first way is through output terms, which shows that the service sector, which accounts for 81% of Britain's economy and 85% of its jobs, shrank by 0.2%.
01:01 The construction sector, which accounts for 11% of Britain's total local data, shrank by 1.3%, and finally manufacturing shrank by 1%.
01:14 And through the calculation of the total local data through expenses, we see that the recovery or shrinkage in trade was 0.63%,
01:24 and family spending was 0.08%, and government spending was 0.06%.
01:33 The inflation in Britain in January came with better than expected.
01:36 The expectations were showing an increase of 4.1%, but remained stable at 4%.
01:42 The central bank, the Bank of England, succeeded in reducing inflation rates from October 2022 when it reached 11.1% to 4%,
01:54 after raising interest rates several times in a row, and now it has the highest level in 16 years.
02:02 In the last meeting of the Bank of England, the interest rates were 4 times in a row,
02:09 but the striking point was that it opened the door to the possibility of reducing interest rates in 2024.
02:16 Now, the markets expect a 100-point reduction in interest rates by the end of 2024.