The United Kingdom's GDP fell by 0.3% in the fourth quarter of 2023, confirming its entry into technical recession

UK GDP increased by 0.1% on average during 2023

MADRID, 28 Mar. (EUROPA PRESS) -

The United Kingdom economy recorded a fall of 0.3% in the fourth quarter of 2023, after the contraction of one tenth of the second largest European economy in the third quarter of last year, so it entered a technical recession by dismissing the year accumulating two consecutive quarters of contraction, according to the revised data published this Thursday by the National Statistics Office (ONS).

In mid-February, the ONS had estimated that the United Kingdom's GDP fell by 0.3%, the same figure, between October and December 2023, after falling one tenth between July and September of last year.

The British GDP only registered a minimal expansion of 0.2% in the first quarter of 2023, since it stagnated between April and June of last year and fell by 0.1% in the third quarter and 0.3% in the third quarter. room.

UK GDP is estimated to have increased by 0.1% on average in 2023, following growth of 4.3% in 2022. This is the weakest annual change in real GDP since the 2009 financial crisis. , excluding the year 2020, which was affected by the Covid-19 pandemic.

The drop in economic activity between October and December 2023 was widespread across different sectors, as services recorded a contraction of 0.1%, while production activities fell by 1.1% and construction by 0. 9%.