Britain Shakes Off Recession as Economy Grows Faster Than Expected

Britain’s economy is still a ‘mixed’ picture.

In the first three months of the year, economic growth was driven by the services sector, which expanded for the first time in a year, statistics agency said. Transport services, legal services and scientific research all grew strongly, but services that include hotels and restaurants fell slightly, and the construction sector contracted sharply.

G.D.P. per person grew 0.4 percent in the first quarter, following seven consecutive quarters of decline.

Still, Britain’s economic data “is incredibly mixed,” said Tera Allas, director of research and economics at McKinsey’s Britain and Ireland office and a former economist in the civil service. Some sectors like professional services and technology have been doing well, but others like hospitality have struggled, she said.

The economic picture about consumers is “even murkier,” Ms. Allas added. Sentiment is negative and, by some measures, retail sales are down. But consumer spending has still been a key aspect of the country’s economic resilience. Household spending, adjusted for inflation, grew 0.2 percent, following two quarters of declines, the statistics agency said.

Some of that can be explained by the labor market. Even as interest rates are at their highest level in 16 years, slowing investment, and business bankruptcies have increased, unemployment has risen only modestly, to 4.2 percent in February, up from recent lows of 3.8 percent.

The medium-term outlook is sluggish.

The News

• SDG 8: Decent Work and Economic Growth
• SDG 9: Industry, Innovation, and Infrastructure

SDG 8: Decent Work and Economic Growth

1. Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
2. Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value added and labor-intensive sectors
3. Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation, and encourage the formalization and growth of micro-, small-, and medium-sized enterprises, including through access to financial services
4. Target 8.4: Improve progressively, through 2030, global resource efficiency in consumption and production and endeavor to decouple economic growth from environmental degradation, in accordance with the 10-year framework of programs on sustainable consumption and production, with developed countries taking the lead

SDG 9: Industry, Innovation, and Infrastructure

1. Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
2. Target 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries
3. Target 9.3: Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets
4. Target 9.4: By 2030, upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities

The article discusses the British economy emerging from a recession and growing faster than expected. This is connected to SDG 8: Decent Work and Economic Growth. The targets under this SDG that can be identified based on the article’s content are:

• Target 8.1: Sustain per capita economic growth
• Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation
• Target 8.3: Promote development-oriented policies that support decent job creation and entrepreneurship

The article also mentions the services sector expanding for the first time in a year, which is relevant to SDG 9: Industry, Innovation, and Infrastructure. The targets under this SDG that can be identified based on the article’s content are:

• Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure
• Target 9.2: Promote inclusive and sustainable industrialization

There are no specific indicators mentioned or implied in the article that can be used to measure progress towards the identified targets.

Table: SDGs, Targets, and Indicators

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Fuente: nytimes.com

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