Britain’s economy enters a recession in H2, 2023

British economy entered a recession in the second half of 2023, making the situation more difficult for Prime Minister Rishi Sunak, who pledged to support growth ahead of elections scheduled for this year.

The Office for National Statistics said that gross domestic product contracted more than expected by 0.3% in the three months ending in December, after shrinking by about 0.1% between July and September.

He pointed out that the decline in GDP in the fourth quarter was the largest since the first quarter of 2021.

The British economy has been suffering from recession for nearly two years. The Bank of England stated that it expects it to rebound slightly in 2024.

Alex Fitch, head of policy at the British Chambers of Commerce, said that companies already know the difficulties they face, and added, “This news will undoubtedly ring alarm bells for the government.”

The statistics office said that economic output fell 0.1% on a monthly basis in December after growth of 0.2% in November.

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