UK economy slipped into technical recession at the end of 2023

The U.K. economy entered a technical recession in the final quarter of last year, with gross domestic product shrinking by 0.3%. This marks the second consecutive quarterly decline after a contraction of 0.2% in the previous quarter. All three main sectors of the economy, including services, production, and construction output, experienced declines during the fourth quarter. For the entire year, British GDP is estimated to have increased by only 0.1% compared to the previous year. Inflation in the country remains high at 4%.