UK enters technical recession by contracting in last quarter

By Gokhan Ergocun

ISTANBUL (AA) - The British economy has contracted by 0.2% in the last quarter of 2023 on a yearly basis and 0.3% on a quarterly basis, the Office for National Statistics announced on Thursday.

With the two consecutive contractions, the country's economy has entered a technical recession.

During last year, the country's economy is estimated to have expanded slightly by 0.1%.

"In output terms in Quarter 4 2023, there were falls in all three main sectors in the latest quarter with declines of 0.2% in services, 1.0% in production, and 1.3% in construction output," the office said.

The Japanese economy has also recently entered a recession.