Britain slid into recession last year on elevated inflation and a cost-of-living crisis, official data showed Thursday, dealing a blow to Prime Minister Rishi Sunak before this year’s general election. Gross domestic product shrank 0.3 percent in the fourth quarter of 2023 after contracting 0.1 percent in the prior three months, the Office for National Statistics (ONS) said in a statement.
That places the economy in recession, which is defined as two successive quarters of falling GDP. The ONS noted that all main sectors shrank in the fourth quarter — with manufacturing, construction and wholesale being the biggest drags on growth — but added the economy was broadly flat overall in 2023.—APP
