The UK Office for National Statistics reported that the UK economy shrank by 0.3% in the fourth quarter of 2023, marking the second consecutive quarter of negative growth and a technical recession. All three main sectors contracted, with services down 0.2%, production down 1%, and construction down 1.3%. UK Finance Minister Jeremy Hunt said high inflation remains the biggest barrier to growth as it forces interest rate hikes. Analysts said the recession may be shallow and short-lived, with the economy experiencing a muted recovery in 2024.
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00:00 It's Benzinga and here's what's on the block.
00:02 The UK Office for National Statistics reported that the UK economy shrank by 0.3% in the fourth
00:07 quarter of 2023, marking the second consecutive quarter of a negative growth and a technical
00:11 recession. All three main sectors contracted with services down 0.2%, production down 1%
00:17 and construction down 1.3%. UK Finance Minister Jeremy Hunt said high inflation remains the
00:22 biggest barrier to growth as it forces interest rate hikes. Analysts said the recession may be
00:26 shallow and short-lived, with the economy experiencing a muted recovery in 2024.
00:30 For all things money, visit Benzinga.com.
00:32 Ciao.