From CNBC:

The U.K. economy has slipped into a technical recession, with the Office for National Statistics reporting a 0.3% GDP decline in the final quarter of last year. All three main sectors contracted in the fourth quarter, with the British GDP estimated to have only increased by 0.1% for 2023. Inflation remains high at 4%.

In the absence of an official definition for a recession, the U.K. economic decline over the past two quarters is widely considered a technical recession, despite economists forecasting a slightly smaller decline. The ONS reported reductions in services, production, and construction output. Inflation in January was measured at 4% year-on-year, squeezing household finances. Stay tuned for updates.



Read more: UK economy slipped into technical recession at the end of 2023