The United Kingdom's GDP fell by 0.3% in the fourth quarter of 2023, confirming its entry into a technical recession.

UK GDP rose by 0.1% on average during 2023

Madrid, March 28 (European Press) –

The UK economy recorded a decline of 0.3% in the fourth quarter of 2023, after the second largest European economy contracted by a tenth in the third quarter of last year, entering a technical recession with the cumulative quarter of the year having two consecutive years and a quarter of contraction, according to revised data published on Thursday. Office for National Statistics (ONS).

In mid-February, the Office for National Statistics estimated that UK GDP would fall by 0.3%, the same number, between October and December 2023, after falling by a tenth between July and September last year.

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.

The decline in economic activity between October and December 2023 was widespread across various sectors, with services recording a contraction of 0.1%, while production activities declined by 1.1% and construction activities declined by 0.9%.

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