Official figures on Thursday revealed that Britain UK is in recession, throwing another setback to Prime Minister Rishi Sunak, whose Conservative party is predicted to lose this year’s general election.
The Office for National Statistics (ONS) released a statement stating that the gross domestic product contracted by 0.3 percent in the fourth quarter of 2023, following a 0.1 percent contraction in the previous three months.
A recession is defined as two-quarters of consecutively declining GDP, which puts the economy in that situation.
It occurs as polls show the Conservatives falling far behind the main opposition Labour Party.
Voters will participate in two by-elections on Thursday ahead of the general election. The Conservatives are worried about losing their lone strongholds in Wellingborough, central England, and Kingswood, in the southwest.
“On a day when he faces the possibility of losing two by-elections, the news that the UK slipped into a technical recession in 2023 will be a blow for the prime minister,” Capital Economics analyst Ruth Gregory said.
“But this recession is as mild as they come and timely indicators suggest it is already nearing an end.”
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