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.