February 15, 2024
1 min read

UK Slides into Recession Ahead of General Election, GDP Shrinks

A recession is commonly defined as two consecutive quarters of contraction…reports Asian Lite News

The UK has slipped into recession just months ahead of a general election, official figures showed on Thursday, derailing Prime Minister Rishi Sunak’s pledge to generate economic growth, the media reported.

The GDP fell 0.3 per cent in the final three months of 2023, following a 0.1 per cent contraction in the July to September period, the Office for National Statistics (ONS) said.

A recession is commonly defined as two consecutive quarters of contraction.

“All the main sectors fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery,” ONS director of economic statistics Liz McKeown said in a statement, CNN reported.

The ONS estimates that the UK’s GDP increased by a meagre 0.1 per cent in 2023. That’s the worst performance since 2009 when the economy was still reeling from the global financial crisis, if 2020, which was affected by the pandemic, is excluded.

Last year’s weak rise in output follows growth of 4.3 per cent in 2022.

“Across 2023 as a whole the economy has been broadly flat,” McKeown added.

The news will come as a disappointment to Sunak, whose ruling Conservative Party is contesting two local elections in England on Thursday.

It could also widen the already commanding lead the Opposition Labour Party enjoys in opinion polls ahead of the national election expected this year, CNN reported.

“Though the shallowness of this recession provides comfort, these figures also confirm that our economy remained locked in a cycle of persistent stagnation throughout 2023,” said Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales.

ALSO READ-Sunak paid over £500,000 in tax last year

Previous Story

Trump’s Criminal Trial Date Set Amid Allegations

Next Story

Opposition tears into BJP’s ‘corrupt’ electoral bonds

Latest from -Top News

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause

White House: Israel OKs Gaza Truce

Hamas said Thursday that its leadership had received a new Gaza ceasefire proposal from Witkoff through the mediators and was studying it…reports Asian Lite News The White House said that Israel has

No Talks Till Terror Ends: India to Pakistan

The MEA’s strong response came at a time when Pakistan, pushed on the backfoot by India’s decisive Operation Sindoor, has suddenly started talking about its intent on having peace talks with India….reports

BNP ramps up poll demand

Chief Adviser Yunus had earlier promised elections in December 2025, but the timeline has since been pushed back first to February 2026 and then to June 2026, fuelling suspicion and dissatisfaction among

Saudi backs India’s strategic outreach

In a series of engagements, the Indian delegation met Saudi Arabia’s Minister of State Adel Al-Jubeir and other senior officials. A high-profile Indian all-party parliamentary delegation, led by BJP MP Baijayant Jay
Go toTop

Don't Miss

Tory party donor condemned over anti-Muslim remarks

London-based Bragagni, who has close links with senior Conservatives, has

Lammy calls again for immediate ceasefire in Lebanon

The US and France called for a 21-day temporary ceasefire