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The UK economy enters a recession after contracting by 0.3%

 

The UK economy contracted by 0.3% in the three months leading up to December 2023, slipping into a recession in the second half of the year. This was a more significant decline than the 0.1% decline between July and September and went against the expectations of economists surveyed by Reuters, who had anticipated a smaller 0.1% GDP decline for the October-to-December period. The Office for National Statistics reported a 0.1% decline in economic output for December, contrary to analysts’ expectations of a 0.2% decrease.

The Bank of England remains optimistic about 2024, foreseeing a rebound in growth, but any slow performance could impact Prime Minister Rishi Sunak’s efforts to gain voter support before an expected national election later in the year.

Following the release of the GDP data, the British pound experienced a moderate weakening against both the dollar and the euro, reflecting market reactions to the economic downturn

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