The British economy is entering a recession after declining by 0.3% in the last quarter of 2023

The UK economy entered a technical recession at the end of 2023 through a series of contractions for two consecutive quarters, with GDP falling by 0.3% in the October-December period, the Office for National Statistics (ONS) reported on Thursday.

This decline in GDP in the last three months of the year added to the 0.1% decline between July and September, the agency noted, as it issued the first two calculations.

The Office for National Statistics indicated that although there was a technical recession in that period,… The economy grew by 0.1% compared to 2022.

In the third quarter of 2023, contractions occurred in the main economic sectors, as the services sector decreased by 0.2%, 1% in industrial production and 1.3% in construction.

The Office for National Statistics noted that there was a decline in the volume of net trade and spending by both government and households.

This is the first time the UK has entered a recession since it did so in the first half of 2020. Due to the effects of the epidemic.

These data represent a blow, in a general election year, to Conservative Prime Minister Rishi Sunak, who promised to grow the economy as one of his five priorities.

After hearing the results, Economy Secretary Jeremy Hunt said growth was low “It's not a surprise” As long as the Bank of England keeps interest rates high to keep inflation down.

Labor economics spokeswoman Rachel Reeves said Rishi Sunak's promise to grow the economy was now in tatters.

Head of Government “He can no longer say that his plan worked.”declared Reeves, who only defended his party “She has a long-term plan for more jobs, more investment and lower bills.”

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