UK enters technical recession as economy shrinks 0.3% in Q4 2023

UK economy shrank for two consecutive quarters following 0.1% contraction in Q3

Cristian Angeloni
clock • 2 min read
The 0.3% fall in Q4 was fuelled by decreases in all three main sectors: 0.2% in services, 1% in production and 1.3% in construction output, the ONS said.
Image:

The 0.3% fall in Q4 was fuelled by decreases in all three main sectors: 0.2% in services, 1% in production and 1.3% in construction output, the ONS said.

The UK economy shrunk by 0.3% in the last three months of 2023, placing it in a technical recession, according to data from the Office for National Statistics (ONS) published today (15 February).

A technical recession happens when gross domestic product (GDP) contracts for two consecutive quarters, as GDP fell 0.1% in the third quarter of last year. However, the ONS noted that, despite t...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Mercer completes acquisition of Cardano

Mercer completes acquisition of Cardano

Terms of the transaction, first announced in the summer, were not disclosed

Holly Roach
clock 04 November 2024 • 2 min read
Reeves to set out pensions overhaul in Mansion House speech

Reeves to set out pensions overhaul in Mansion House speech

Chancellor to announce reforms designed to release billions of pounds of investment

Jonathan Stapleton
clock 04 November 2024 • 1 min read
IHT pensions changes expected to drive 'strong interest' in annuities

IHT pensions changes expected to drive 'strong interest' in annuities

Though ‘ambiguity’ persists on annuities treatment, retirement planning expert says

Jen Frost
clock 04 November 2024 • 3 min read
Trustpilot