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International Business Times

World

Priya Walia

UK Economy Entered Technical Recession In Q4 Of 2023

United Kingdom Economy Recession GDP

Gross domestic product (GDP) dropped by 0.3% between October and December. (Credit: AFP)

The U.K. economy shrank by 0.3% in the final quarter of 2023, marking its second consecutive decline and entering a technical recession, according to initial figures released by the Office for National Statistics (ONS) on Thursday.

GDP contracted by 0.3% between October and December, marking the second consecutive quarter of negative growth.

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