MNI BRIEF: UK Data Confirms Recession; Growth Overall in 2023
UK economy saw contractions in Q3 and Q4, but overall 2023 saw modest growth, ONS said Thursday
UK GDP fell by an unrevised 0.3% in Q4 2023, following an unrevised fall of 0.1% in the previous quarter, the Office for National Sttatistics said Thursday, confirming two two consecutive quarters of decline and a technical recession. For calendar 2023 as a whole, GDP is estimated to have increased by an unrevised 0.1% compared with 2022.
“Our updated set of GDP figures shows quarterly growth unrevised across 2023, with a little growth in the first quarter and small contractions in the latter half of the year," ONS Director of Economic Statistics Liz McKeown said.
The data confirmed preliminary data and come in line with both City and Bank of England expectations of near flat growth across the last year, although early signals from 2024 had BOE Governor Andrew Bailey say the 'recession' may already be behind us. (see MNI INTERVIEW: Boost To UK Consumer As Inflation Slows-ONS)