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The United Kingdom‘s economy has officially slipped into a recession, with the Gross Domestic Product (GDP) declining by 0.3 percent in December 2023, signalling a downturn across all main sectors.
The UK’s Office for National Statistics (ONS) confirmed the contraction, marking a significant moment for the nation’s economic landscape. This downturn has been described as the “mildest recession” the country has seen in the last 50 years, a characterization that, while indicating a recession, suggests a less severe economic decline compared to the steep drops of 1 percent and above that have occasionally been witnessed in the past. The BBC reported on this characterization, highlighting the unique nature of the UK’s current economic challenge. The recession’s onset, marked by a decline across various sectors, poses new challenges for policymakers and businesses as they navigate the complexities of a shrinking economy.
The post Just In: UK Economy Enters Recession As GDP Drops By 0.3% appeared first on Naija News.
