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The United Kingdom's gross domestic product (GDP) fell by 0.2% in the fourth quarter of 2023 year-on-year, while in quarterly terms, the decline accelerated to 0.3% from 0.1% in the third quarter, which signals the economy has gone into recession, the UK Office for National Statistics said in a report published on Thursday (28 March).
"UK gross domestic product (GDP) is estimated to have fallen by an unrevised 0.3% in Quarter 4 (Oct to Dec) 2023, following an unrevised fall of 0.1% in the previous quarter … Compared with the same quarter a year ago, real GDP is estimated to have fallen by 0.2%," the report said.
The indicators fully coincided with preliminary estimates, with the UK's economy decreasing for two consecutive quarters, the UK Office for National Statistics said. Meanwhile, the country's GDP for 2023 as a whole has increased by an unrevised 0.1% year-on-year, although the figure still indicates a slowing of growth after the 4.3% increase registered in 2022, the report said.
In the UK's services sector, which forms the basis of the country's economy, a quarterly decline of 0.1% was registered in October-December, while the construction sector faced a 0.9% decline. Preliminary estimates showed a decrease of 0.2% and 1.3%, respectively. Meanwhile, the quarterly fall in the UK's production sector stood at 1.1% in October-December 2023.
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