UK falls into recession, with worst GDP performance in 2023 in years

February 16, 2024

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%. Food inflation fell to 7% from a recent high of 19.2% in March 2023, the ONS said Wednesday. “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.