It is clarified that UK GDP decreased by 0.3% in the fourth quarter of 2023.

“UK real GDP is estimated to have fallen by 0.3% in Q4 (October to December) 2023. This follows an unrevised estimated decline of 0.1% in the previous quarter. “We estimate that in the third quarter (from July to September) and the fourth quarter of 2023, the UK economy contracted by a combined 0.5%,” the statement said.

The service notes that the concept of a “technical” recession includes two or more consecutive quarters of production decline.

In December 2023, the ONS stated that the British economy was on the verge of a technical recession.