Shock for Rishi Sunak in election year: United Kingdom enters recession

uk economy entered a Technical recession in late 2023 while making chain contraction in two consecutive quartersWith a decline in gross domestic product (GDP) 0.3% From October to December, the Office for National Statistics (ONS) reported on Thursday.

This decline in GDP in the last three months of the year was coupled with a decline 0.1% Between July and September, the agency indicated when it released the first of two calculations.

The ONS noted that, despite a technical recession over that period, the economy grew 0.1% Than 2022.

Major economic sectors contract with declines in Q3 2023 0.2% of services, 1% of industrial production and 1.3% of construction,

In addition, the volume of net trade and spending by both the government and households declined, the ONS noted.

it is Britain has entered recession for the first time since it happened in the first half of 2020Due to the impact of the pandemic.

This data, in a year of general elections, represents a blow to the Conservative Prime Minister, rishi sunakWhich promised to develop the economy as one of its five priorities.

After knowing the results, the Economy Minister, jeremy huntsaid low rise “It’s no surprise” As long as the Bank of England keeps interest rates high to reduce inflation.

Labor spokesperson for the economy, Rachel ReevesFor its part, Sunak’s promise to grow the economy is now “Shattered”,

The head of the government “can no longer say that his plan works,” said Reeves, who defended that only his party has a “long-term plan for more jobs, more investment and lower bills.”

(with information from EFE)