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UK economy slips into recession, official data shows

Economy Recession GDP Office for National Statistics

Sterling weakened moderately against the United States dollar and the euro after the GDP data release [File: Henry Nicholls/Reuters]

The United Kingdom slipped into a technical recession in the second half of last year after its economy registered two consecutive quarters of negative economic growth, official figures have shown.

The Office for National Statistics (ONS) said in a statement on Thursday that Britain’s gross domestic product (GDP) shrank by 0.3 percent in the last three months of 2023, after contracting 0.1 percent in the third quarter.

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