the UK Economy I entered a Technical recession at the end of 2023 When sequencing two consecutive quarters of contractionWith GDP down 0.3% The Office for National Statistics (ONS) reported on Thursday that the period from October to December.
This decline in GDP in the last three months of the year was added to the fall of 0.1% The agency noted that between July and September, when the first two accounts were issued.
The Office for National Statistics noted that despite the technical recession during that period, the economy grew rapidly. 0.1% Compared to 2022.
In the third quarter of 2023, there were contractions in major economic sectors, with a decline in 0.2% in services, 1% in industrial production, and 1.3% in construction.
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In addition, there was a decline in the volume of net trade and spending by both government and households, the ONS noted.
that it The UK has entered a recession for the first time since it did so in the first half of 2020.due to the effects of the pandemic.
The data represents a blow, in a year of general elections, for the Conservative prime minister. Rishi SunakWhich promised to develop the economy as one of its five priorities.
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After knowing the results, the Minister of Economy said. Jeremy HuntHe said that low growth “It’s not a surprise” As long as the Bank of England keeps interest rates high to reduce inflation.
Labour Party Spokesperson for the Economy Rachel ReevesHe said, for his part, that Sunak’s promise to grow the economy has now become a reality. “shattered”.
Reeves declared that the prime minister “can no longer say his plan is working”, and defended that his party alone “has a long-term plan for more jobs, more investment and lower bills”.
(With information from EFE)
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