02/15/24

Permalink UK Economy Plunges into Recession!

Preliminary figures released by the Office for National Statistics (ONS) have revealed that the British economy has officially entered a recession in the latter half of 2023. The grim data indicates a contraction in GDP for two consecutive quarters, marking what economists term as a "technical recession." | According to the ONS, Britain's GDP experienced a decline of 0.3 percent in the final quarter of 2023, following a 0.1 percent contraction in the preceding July-September period. These consecutive quarterly declines have sounded alarm bells, signaling the onset of economic recessionary conditions.  The downturn was widespread across key sectors of the economy, with industrial production plummeting by 1% in the fourth quarter, construction contracting by 1.3%, and the services sector, a traditional engine of economic growth, witnessing a 0.2 percent decline. Notably, the decline in the services sector was primarily driven by a notable drop in wholesale and retail trade, which contracted by 0.6 percent.

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