United Kingdom GDP (QoQ) ECONOMICS:GBGDPQQ
Great Britain officially entered in Recession due to Two Consecutive Negative Quarters.
The British economy contracted 0.3% on quarter in Q4 2023,
following a 0.1% decline in Q3,
worse than market forecasts of a 0.1% fall, preliminary estimates showed.
The economy entered recession amid a broad-based decline in output,
namely in services (-0.2%, the same as in Q3), particularly wholesale and retail trade (-0.6%); industrial production (-1% vs 0.1%), mostly manufacture of machinery and equipment (-7%) and construction (-1.3% vs 0.1%).
On the expenditure side, there was a fall in exports (-2.9% vs -0.8%), imports (-0.8% vs -1.8%); household spending (-0.1% vs -0.9%), particularly lower spending on recreation and culture, miscellaneous goods and services, and transport; and government consumption (-0.3% vs 1.1%), namely lower activity in education and health.
Those falls were partially offset by an increase in gross capital formation (1.4% vs -1.4%), mostly other buildings and structures. Considering full 2023, the GDP in the UK edged up 0.1%.
source: Office for National Statistics
