HERE IS WHAT HAPPENS TO THOSE WHO DO NOT LISTEN TO REASON! 🇪🇺

💂 #BRITAIN FALLS INTO #RECESSION, with worst #GDP performance in 2023 in years.

#London | The #United_Kingdom has slipped into #recession just months ahead of a general election, official figures showed Thursday, derailing Prime Minister Rishi Sunak’s pledge to generate economic growth.

Gross domestic product fell 0.3% in the final three months of 2023, following a 0.1% contraction in the July-to-September period, the Office for National Statistics said. A recession is commonly defined as two consecutive quarters of contraction.

“All the main sectors fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery,” ONS director of economic statistics Liz McKeown said in a statement.

The ONS estimates that UK GDP increased by a meagre 0.1% in 2023. That’s the worst performance since 2009 when the economy was still reeling from the global financial crisis, if 2020, which was affected by the pandemic, is excluded. Last year’s weak rise in output follows growth of 4.3% in 2022.

“Across 2023 as a whole the economy has been broadly flat,” McKeown said.

https://edition.cnn.com/2024/02/15/economy/britain-falls-into-recession/index.html

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