Being reported this morning of Thursday 15th February 2024 the Office for National Statistics (ONS) in the UK has said the UK economy slipped into a recession by the close of 2023.
During October to December, Gross Domestic Product (GDP) plummeted by 0.3%, a steeper decline than anticipated by economists, marking the second consecutive quarterly drop. The downturn was spurred by heightened inflation and interest rates, denting consumer spending, with all major sectors experiencing contraction during this period.
This decline follows a 0.1% decrease in the previous quarter, between July and September 2023. A technical recession, defined by two consecutive GDP contractions, has thus been confirmed.
Throughout 2023, GDP saw a marginal 0.1% uptick compared to 2022, but on a monthly basis, December concluded the year with a 0.1% decline.
Liz McKewown, ONS director of economic statistics, stated, "Our initial estimate shows the UK economy contracted in the ...
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