The UK enters a technical recession in the fourth quarter of 2023

British GDP grew by 0.1% in 2023, its weakest expansion since 2009, excluding 2020 due to Covid-19.

Madrid, February 15 (European Press) –

UK GDP fell by 0.3% in the final quarter of 2023 compared to the previous three months, when it actually fell by 0.1%, sending Europe's second-largest economy into a technical recession at the end of the year. year by accumulating two consecutive quarters of contraction.

According to data published by the Office of National Statistics (ONS), the decline in economic activity between October and December 2023 was widespread across various sectors, with services recording a contraction of 0.2%, while production activities decreased by 1% and construction activities decreased by 1.3%. %.

British GDP recorded only a slight expansion of 0.2% in the first quarter of 2023, since it remained stagnant between April and June of last year and fell by 0.1% in the third quarter and 0.3% in the third quarter.

UK GDP is expected to rise by 0.1% on average in 2023, after growth of 4.3% in 2022. This is the weakest annual change in real GDP since the 2009 financial crisis, excluding 2020. Which has been affected by the Covid-19 pandemic. -19 pandemic.

Compared to other major global economies, the British economy only grew more than Germany, which suffered a 0.3% contraction in 2023, but less than the eurozone and the European Union, which each recorded growth of 0.5% annually. 0.9% from France and 0.7% from Italy.

For its part, the United States recorded growth of 2.5%, six-tenths above the 1.9% expansion in 2022, while China expanded by 5.2%, accelerating significantly compared to the 3% growth in 2022, when the world’s second-largest economy slowed. Due to measures taken to contain Covid-19.

See also  Apple postpones February 1 return-to-office deadline indefinitely: Report

Leave a Reply

Your email address will not be published. Required fields are marked *