The UK's GDP fell by 0.3% in the final quarter of 2023 compared to the previous three months, when it actually fell by 0.1%, making it the second-largest economy in Europe. It entered a technical recession at the end of the year after contraction accumulated for two consecutive quarters.
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%. %.
Only UK GDP is recorded With a minimum expansion of 0.2% in the first quarter of 2023Since it stagnated between April and June last year it fell by 0.1% in the third quarter and 0.3% in the fourth.
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 world economies, The British economy grew more than Germany, which suffered a contraction of 0.3% in 2023But less than the eurozone and the EU, with annual growth of 0.5% in both cases, including 2.5% in Spain, 0.9% in France, and 0.7% in 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 from 3% growth in 2022, when the world's second-largest economy slowed due to measures implemented to contain Covid-19.
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