The latest GDP figures indicate the UK economy has gone into recession.
GDP is estimated to have fallen 0.3 percent in the fourth quarter of 2023, from October to December, after a 0.1 percent fall in the previous quarter.
The dorp in GDP for the fourth quarter included a 0.2 percent fall in services, a 1.3 percent drop in construction and a 1 percent drop in production.
Liz McKeown, director of economic statistics at the Office for National Statistics (ONS), said: “While it has now shrunk for two consecutive quarters, across 2023 as a whole the economy has been broadly flat.
“All the main sources fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery.”
More to follow…
