UK Was in Recession at End of 2023, ONS Confirms

The
UK
economy
had
declined
0.1%
quarter-on-quarter
in
the
third-quarter
of
2023.
It
means
the
UK
did
enter
a
technical
recession
at
the
end
of
last
year,
which
is
generally
defined
as
two
successive
quarterly
falls
in
gross
domestic
product.

In
output
terms
for
the
fourth
quarter,
the
ONS
said
there
were
falls
in
all
three
main
sectors:
services
was
down
0.1%,
production
was
down
1.1%,
and
construction
output
was
down
0.9%.

In
expenditure
terms,
meanwhile,
the
volume
of
net
trade
fell
alongside
household
consumption
and
gross
capital
formation,
according
to
the
ONS.
That
was,
however,
partially
offset
by
an
increase
in
government
consumption.

On
an
annual
basis,
GDP
fell
0.2%
in
the
fourth
quarter
of
2023,
driven
by
a
fall
in
gross
operating
surplus
for
corporations,
the
statistics
body
said.
This
compares
to
an
annual
rise
of
4.9%
in
the
fourth
quarter
of
2022.

Across
2023,
GDP
is
estimated
to
have
risen
by
an
unrevised
0.1%,
compared
to
growth
of
4.3%
in
2022.

“Excluding
the
year
2020,
which
was
affected
by
the
coronavirus
pandemic,
this
is
the
weakest
annual
change
in
real
GDP
since
the
financial
crisis
in
2009,”
the
ONS
said.

By
Greg
Rosenvinge,
Alliance
News
senior
reporter

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