United Kingdom Economy in Technical Recession | 16 Feb 2024

Source: BS

The United Kingdom economy entered a technical recession at the end of 2023. The Office for National Statistics reported that the UK's gross domestic product (GDP) shrank by 0.3% in the final three months of 2023, and by 0.1% in the third quarter.

• The National Bureau of Economic Research (an American NGO) defines recession as “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators.
  • Very short periods of decline are not considered recessions.
• A recession occurs when a sustained decline in economic activity persists, while a technical recession specifically entails two consecutive quarters of GDP decline.

Read more: Recession and Yield Curve