UK slips into recession

London: The British economy fell into recession at the end of 2023 as output shrank more than anticipated in the final three months of the year, official figures showed Thursday.

The Office for National Statistics estimated that economic activity, as measured by gross domestic product (GDP), declined by 0.3 per cent in the fourth quarter of the year from the previous three-month period, with all three main sectors — services, industrial production and construction — down.

That was far more than the 0.1 per cent decline anticipated by economists. The quarterly decline followed a 0.1 per cent fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation.