Reuters: Great Britain's economy falls into recession in second half of 2023
Published: by .
Great Britain's economy entered recession in the second half of 2023 after contracting a worse-than-expected 0.3% in the three months to December and also contracting 0.1% in the July-September period, official data showed on Wednesday.
A Reuters poll of economists pointed to a smaller 0.1% fall in gross domestic product (GDP) between October and December.
The Bank of England said it expects the economy to recover in 2024.
However, slow growth this year will continue to pose a difficult backdrop to Prime Minister Rishi Sunak's attempts to attract voters ahead of national elections expected later in 2024.
The Office for National Statistics (ONS) said economic output fell 0.1% month on month in December after rising 0.2% in November. A Reuters poll showed a fall of 0.2% in December.
Sterling weakened moderately against the dollar and euro shortly after the release of GDP data.
Comments