UK economy contracts in Q4, officially enters recession

The articles report that the United Kingdom's gross domestic product (GDP) decreased by 0.3% during the fourth quarter of 2023, following a 0.1% decline in the previous quarter. This marks the first time the British economy has experienced two consecutive quarters of contraction since the first half of 2020, when it shrank significantly due to the coronavirus pandemic. According to the Office for National Statistics, this meets the technical definition of a recession. City analysts had predicted a 0.1% decline in economic output for the final quarter of last year.