The UK economy did slip into recession in the final half of last year, new official estimates for growth released this morning confirm.
Fresh estimates for gross domestic product published by the Office for National Statistics (ONS) show that the economy contracted in the final six months of last year as initially calculated. GDP for the three months to September was judged to have contracted by 0.1 per cent, in line with the first estimate, and output was also estimated to have dropped by 0.3 in the final three months of 2023. The latest figures mean that the economy expanded by 0.1 over 2023 as a whole, the same as the initial estimate.
It means that the UK did meet the technical recession definition.
