In the third quarter of 2023, the British GDP contracted by 0.1%, meaning there were two consecutive quarters of contraction, causing the British economy to enter a technical recession.
The Office for National Statistics (ONS) announced today that UK GDP fell by 0.3% in the final quarter of 2023, compared to the previous quarter, as the UK economy entered a technical recession at the end of last year.
In the third quarter of 2023, the British GDP contracted by 0.1%, meaning there were two consecutive quarters of contraction, causing the British economy to enter a technical recession.
According to data released by the Office of National Statistics, the decline in economic activity between October and December 2023 was widespread across all sectors, with services recording a contraction of 0.2%, while production activities fell by 1% and construction activities by 1.3%.
UK GDP expanded by just 0.2% in the first quarter of 2023, after remaining stagnant between April and June last year and falling by 0.1% in the third quarter and 0.3% in the fourth quarter.
The UK's GDP is therefore estimated to grow by 0.1% in 2023, after growth of 4.3% in 2022.
This is the weakest annual variation in real GDP since the 2009 financial crisis, excluding 2020, a year affected by the Covid-19 pandemic.
