UK GDP shrinks by 0.3% as economy enters technical recession

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, so I entered into an artistic stagnation By bidding farewell to a year that saw two consecutive quarters of contraction, according to revised data published on Thursday by the 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 There was only a slight expansion of 0.2% in the first quarter of 2023. Since stagnating between April and June of last year, it fell by 0.1% in the third quarter and 0.3% in the fourth quarter.

And as such it is estimated UK GDP to grow by 0.1% on average in 2023after growing by 4.3% in 2022. This is the weakest annual change in real GDP since the 2009 financial crisis, excluding 2020, which was affected by the Covid-19 pandemic.

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

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