UK GDP decreased by 0.3% in the fourth quarter of 2023. 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. The UK's Office for National Statistics (ONS) has released a report showing that the UK economy has entered a technical Recession. The ONS estimates that in the third quarter (from July to September) and the fourthquarter of 20 23, the UKEconomy contracted by a combined 0.5%.