The ONS’s updated data confirmed that the UK was in a recession in the last half of 2023.
The recession the UK entered in the latter half of 2023 was slightly less severe than first thought, the Office for National Statistics revealed on Thursday as it released revised figures.
Combined with the third quarter, unrevised when measured to two decimal places, that left a slightly lower headline figure, the ONS said.“Our updated set of GDP figures shows quarterly growth unrevised across 2023, with a little growth in the first quarter and small contractions in the latter half of the year,” said ONS director of economic statistics Liz McKeown.
He added: “The recession was driven by consumers saving more in response to higher interest rates and fears about the impact on the economy.” That is because the population has grown faster than GDP. In 2023, GDP per person is estimated to have dropped 0.7%.
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