U.K., Britain: The National Statistical Office said Gross Domestic Product (GDP) - a key measure of economic activity - fell 0.3 percent, a sharper decline than expected. This is the second time that there has been a decline in the second quarter. Although there is no definition of a recession, two consecutive quarters of negative growth is widely considered a technical recession.
Economists polled by Reuters had forecast -0.1 percent from ConsenSys for the October to December period
The data for the last three months of last year was worse than the 0.1 percent decline widely predicted by financial markets and economists. According to the ONS, there is a slowdown in all the main sectors that determine the health of the economy, including construction and manufacturing. In ONS, a decline of 0.2 percent was recorded in services, 1 percent in production and 1.3 percent in construction production.
British GDP is projected to grow by just 0.1 percent throughout 2023 compared to 2022. For the month of December, production declined by 0.1 percent. Inflation in the UK has declined markedly, but remains well above the country's economic peers and the Bank of England's 2% target, putting pressure on household finances. The headline consumer price index reading in January came in at 4 percent year-on-year.