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MNI BRIEF: UK In 'Technical Recesssion' After Q4 GDP Slowdown

(MNI) LONDON
(MNI) London

UK economy sees two consecutive quarters of contraction for the first time since start of pandemic.

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The UK economy slowed in the final quarter of 2023, underperforming both City and Bank of England expectations, data released by the Office for National Statistics Thursday showed. (MNI BOE WATCH: BOE Holds, Hiking Bias Removed From Statement)

GDP fell 0.3% in the October to December period, which followed a 0.1% decline in Q3. That left the economy in a technical recession -- defined as two consecutive quarters on negative growth -- although the ONS say that is a very narrow definition. Over the calendar year, the ONS notes growth was broadly flat, up 0.1% on 2022. The last time the UK saw 2 consecutive quarters of contraction was Q1 And Q2 2020, the first months of pandemic lockdowns.

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The UK economy slowed in the final quarter of 2023, underperforming both City and Bank of England expectations, data released by the Office for National Statistics Thursday showed. (MNI BOE WATCH: BOE Holds, Hiking Bias Removed From Statement)

GDP fell 0.3% in the October to December period, which followed a 0.1% decline in Q3. That left the economy in a technical recession -- defined as two consecutive quarters on negative growth -- although the ONS say that is a very narrow definition. Over the calendar year, the ONS notes growth was broadly flat, up 0.1% on 2022. The last time the UK saw 2 consecutive quarters of contraction was Q1 And Q2 2020, the first months of pandemic lockdowns.

Keep reading...Show less