The United Kingdom has slipped into recession just months ahead of a general election, official figures showed Thursday, derailing Prime Minister Rishi Sunak’s pledge to generate economic growth. The ONS estimates that UK GDP increased by a meagre 0.1% in 2023. Recession label ‘overly dramatic’Notwithstanding the mild recession, the UK economy has fared much better than many economists feared a year ago, when several were predicting a considerably sharper downturn. Annual UK inflation was unchanged in January at 4%. “We think this is the end of the UK recession, and growth will stagger into positive territory but only slowly,” economists at Nomura wrote in a note Thursday.

Source: CNN February 15, 2024 09:06 UTC