Official data showed on Thursday that the United Kingdom has entered recession after recording two successive quarters of negative economic growth in the second half of 2023.
According to BBC, the UK is considered in recession if GDP falls for two successive three-month periods – or quarters.
Gross domestic product shrank by 0.3 per cent in the fourth quarter of 2023 after contracting 0.1 per cent in the previous three months, the Office for National Statistics said in a statement, meeting the technical definition of a recession.
The figures might not sit right with the Prime Minister Rishi Sunak. Growing the economy was one of five pledges he made in January 2023.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
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