Britain is falling falls into economic recession
According to official data, economic conditions in Britain showed a deterioration until the end of last year 2023, as production contracted more than expected during the last three months of the year.
According to preliminary estimates, the United Kingdom’s GDP decreased in the fourth quarter of 2023 by 0.2% on an annual basis and by 0.3% on a quarterly basis.
This indicates a decline in the British economy for the second quarter in a row, indicating that it has entered an economic recession in the second half of 2023.
These results were contrary to analysts’ expectations, as they were expecting growth of 0.1% year-on-year and a decline of 0.1% quarter-on-quarter according to the DailyFX survey.
The services sector, which forms the backbone of the British economy, recorded a decline of 0.2% during the period from October to December 2023, while the construction sector declined by 1.3%.
This decline comes at a time when the British economy is facing pressure, as Germany’s economy contracted in the last three months of 2023, and economists’ forecasts expect Europe’s largest economy to enter another technical recession in the first quarter of 2024.
