UK Economy Contracts, Moving Closer to Recession

Published: 22 December 2023 at 09:15

Finance & Economics

New official figures show that the UK economy contracted by 0.1% in the three months from July to September, below economists expectations of 0.2% growth. This downward revision to GDP means the country has taken the first step towards a recession. If the final data for the fourth quarter of 2023 also shows a contraction, the country will officially be in recession. The adjustments were influenced by weaker performances from smaller businesses, particularly in the hospitality and IT sectors.