Global economy
The British economy grew unexpectedly weak in the fourth quarter of last year. Stock Photo Image: Alastair Grant
Economics (TT-Bloomberg)
Great Britain's gross domestic product (GDP) fell by 0.3 percent in the fourth quarter of 2023 compared to the previous quarter. As a result, the British economy was in a technical recession in the second half of last year, with two quarters of reduced GDP.
The decline in the fourth quarter was slightly more than expected. Analysts on average expected minus 0.1 percent, according to a compilation of forecasts compiled by Bloomberg.
Private consumption fell 0.1 percent in the fourth quarter. General consumption also fell by 0.3 percent. British exports fell by 2.9 per cent while imports fell by 0.8 per cent.
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