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Reading: UK economy could enter a recession, according to official data
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Baner Club > Blog > Business > UK economy could enter a recession, according to official data
BusinessMarketing

UK economy could enter a recession, according to official data

The UK economy has performed worse than previously thought and below the expectations of economists, new official figures show, meaning the country has taken the first step towards recession.

Last updated: 2023/12/22 at 2:25 PM
Published December 22, 2023
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A downward revision has been made to GDP, a key measure of economic growth, according to a Friday morning announcement from the Office for National Statistics at ONS.

Instead of remaining stagnant as was first thought, the economy shrank by 0.1% in the three months from July to September.

Growth of 0.2% was what economists had anticipated.

A country is technically in recession after two three-month periods of a shrinking economy.

The country will be formally in a recession if the final data for the fourth quarter of 2023, from October to December, which will be released next year, shows a contraction.

Another amendment was made to the second quarter of this year, from April to June. Rather than growing 0.2%, as was previously announced, the ONS has said there was actually no growth.

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December 22, 2023 December 22, 2023
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