UK Enters Recession as GDP Shrinks for Two Consecutive Quarters

Published: 15 February 2024 at 09:27

Finance & Economics

The UK has entered a recession as the gross domestic product (GDP) shrank 0.3% in the fourth quarter of 2023, following a contraction of 0.1% in the previous three months. This marks the first recession for the UK since the first half of 2020, as the economy was hit by the fallout from the Covid pandemic. The news is a blow to Prime Minister Rishi Sunak, who has pledged to grow the economy as one of his top priorities. The main sectors that contributed to the decline in GDP were manufacturing, construction, and wholesale.