UK Falls Into Recession

The UK has entered a recession after GDP contracted 0.3% in the fourth quarter of 2023, the Office for National Statistics said Thursday. This follows a 0.1% GDP decline in Q3. The data shows meager 0.1% growth for the full year, the worst performance since 2009 barring 2020. All main sectors declined in Q4, with manufacturing, construction and wholesale facing the biggest drops, only partially offset by upticks in rentals and hotels. The recession deals a blow to Prime Minister Rishi Sunak's economic pledges ahead of local elections Thursday and the national vote expected this year, potentially widening the lead held by the opposition Labour Party in polls.

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