The UK fell into recession at the end of 2023 as output shrank more than expected in the fourth quarter, according to official figures released on Thursday. The Office for National Statistics revealed that the country’s economic activity, as measured by gross domestic product (GDP), declined by 0.3% in the final three months of the year, well beyond the economists’ anticipated 0.1% shrinkage. This comes as a significant setback for the governing Conservative Party, as they face a general election later this year. All three main sectors – services, industrial production, and construction – experienced a decline in output during the period. The recession is primarily attributed to the high interest rates imposed by the Bank of England, aimed at curbing inflation. This marks the first time the UK has fallen into recession since the first half of 2020, at the height of the COVID-19 pandemic.
British Economy Plunges into Recession as Output Shrinks, Posing Election Challenge for Conservatives, UK
Date:
Updated: [falahcoin_post_modified_date]
More like thisRelated
Revolutionary Small Business Exchange Network Connects Sellers and Buyers
Revolutionary SBEN connects small business sellers and buyers, transforming the way businesses are bought and sold in the U.S.
District 1 Commissioner Race Results Delayed by Recounts & Ballot Reviews, US
District 1 Commissioner Race in Orange County faces delays with recounts and ballot reviews. Find out who will come out on top in this close election.
Fed Minutes Hint at Potential Rate Cut in September amid Economic Uncertainty, US
Federal Reserve minutes suggest potential rate cut in September amid economic uncertainty. Find out more about the upcoming policy decisions.
Baltimore Orioles Host First-Ever ‘Faith Night’ with Players Sharing Testimonies, US
Experience the powerful testimonies of Baltimore Orioles players on their first-ever 'Faith Night.' Hear how their faith impacts their lives on and off the field.
