The UK’s GDP fell by 0.3% in the last quarter of 2023 compared to the previous three months, when it had already fallen by 0.1%, making it the second-largest economy in Europe. It entered a technical recession at the end of the year after accumulating contraction for two consecutive quarters.
According to data published by the Office for National Statistics (ONS), the decline in economic activity between October and December 2023 was broad-based across sectors, with services recording a contraction of 0.2%, while production activities fell by 1% and construction by 1.3%. %.
UK GDP is only recorded With a minimum expansion of 0.2% in the first quarter of 2023Since stagnating between April and June of last year, it fell by 0.1% in the third quarter and 0.3% in the fourth quarter.
UK GDP is forecast to rise by an average of 0.1% in 2023, after growth of 4.3% in 2022. This is the weakest annual change in real GDP since the 2009 financial crisis, excluding 2020, which was affected by the Covid-19 pandemic.
Compared to other major world economies, The British economy grew more than Germany, which suffered a 0.3% contraction in 2023.But lower than the eurozone and the European Union, with annual growth of 0.5% in both cases, including 2.5% in Spain, 0.9% in France and 0.7% in Italy.
For its part, the United States recorded growth of 2.5%, six-tenths above the 1.9% expansion in 2022. While China expanded by 5.2%.accelerating sharply from 3% growth in 2022, when the world’s second-largest economy slowed due to measures to contain the coronavirus.
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