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The UK is believed to have fallen into recession at the end of last year, with official figures due to be published on Thursday.
The Office for National Statistics (ONS) is expected to reveal that the UK economy contracted for the second consecutive quarter in the final three months of the year.
Most economists forecast a 0.1 percent drop in gross domestic product (GDP) between October and December.
This would follow a contraction of 0.1 percent in the previous three months, following a downward revision from the initially estimated zero growth.
A technical recession is defined by two or more consecutive quarters of falling GDP.
Experts say that if confirmed, it would be a recession in the “mildest sense” and will likely be short-lived, with many preferring to describe the UK economy as stagnant.
But a recession would be a blow to Prime Minister Rishi Sunak, who has promised to grow the economy as one of his five priorities.
The economy is believed to have been weak last year.
Official figures for the fourth quarter of last year are also expected to show that the economy was weak last year as a whole.
ONS estimates suggest it did not grow at all between April and June, before contracting between July and September, leaving the UK at risk of recession over the past three months.
(PA File)
Jane DaltonFebruary 14, 2024 18:37
UK was technically in recession last year, statistics will reveal
Welcome to our live blog on the UK economy.
The UK is believed to have fallen into recession late last year after a weak December for the country's economy, official figures will show.
The Office for National Statistics (ONS) is expected to reveal that the UK economy contracted for the second consecutive quarter in the final three months of 2023.
Most economists predict a 0.1% drop in gross domestic product (GDP) between October and December.
This would follow a contraction of 0.1% in the previous three months, following a downward revision compared to the initially estimated zero growth.
A contraction in the fourth quarter would mean the UK would enter a technical recession, defined by two or more quarters in a row of falling GDP.
The Bank of England has kept interest rates at 5.25% four times in a row.
(PA Wire)
Jane DaltonFebruary 14, 2024 18:26
