Africa Business News

The United Kingdom slipped into a technical recession in the second half of last year after its economy registered two consecutive quarters of negative economic growth. The Office for National Statistics says that Britain’s gross domestic product shrank by 0.3 per cent in the last three months of 2023, after contracting 0.1 per cent in the third quarter. Sterling weakened moderately against the United States dollar and the euro shortly after the GDP data release. The ONS says the fall in GDP in the fourth quarter of 2023 was the biggest since the first three months of 2021. The ONS says Economic output dropped by 0.1 per cent in monthly terms in December, after 0.2 per cent growth in November.