The statement further reads: “Thank you to the Whistler Blackcomb Adaptive Programme for educating us.
The United Kingdom and Japan have officially entered a recession after seeing their Gross Domestic Product (GDP) fall in the final three months of 2023.
According to the Office for National Statistics (ONS), the UK’s GDP fell by 0.3% in the final three months of 2023, from October to December, following a 0.1% reduction in the previous quarter from July to September.
This comes after a minor recession at the end of last year, which economists anticipate would be short-lived, according to BBC.
Furthermore, it was the mildest start to a recession since the 1970s, with the last five in the UK having the economy fall by more than 1%—in 2023, it shrank by 0.5%.
The statement further reads: “Thank you to the Whistler Blackcomb Adaptive Programme for educating us.
The ONS numbers reveal that all major sectors — services (by 0.2%), production (1%) and construction (1.3%) — dropped, but analysts predict that the dip will not persist long given the UK labor market remains strong and wage growth exceeds inflation.
Furthermore, there was a slight uptick last year, with GDP growing by 0.1% in some places compared to the previous year.
Chancellor Jeremy Hunt maintains the economy is “turning a corner,” but admits that slow growth is “not surprising” at the time. Meanwhile, shadow chancellor Rachel Reeves claims Prime Minister Rishi Sunak’s vow to expand the economy is in “tatters.”.
