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.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.