Revised GDP figures confirm UK economy fell into a recession last year

Q3 and Q4 estimates unchanged

The UK fell into a recession in the second half of last year, revised gross domestic product figures by the Office for National Statistics have confirmed.

Revised estimates of quarterly GDP, which use additional data to provide a more precise indication of economic growth, showed that the economy shrank by 0.3% in the last three months of 2023, in line with the earlier estimate. Q3's 0.1% fall remained unchanged, confirming a technical recession, which is described as two consecutive quarters of negative growth. Deep Dive: UK economy shows signs of rebound but long-term growth outlook remains 'unspectacular' A large contributor to the technical recession seen in the final six months of 2023 was the sharp rise in interest rates from t...