By Sarah Taaffe-Maguire, Business reporter @taaffems
The UK economy has officially entered recession, figures show.
A recession is defined as two consecutive three-month periods where the economy contracts rather than grows.
A major measure of economic growth, gross domestic product (GDP) shrank 0.3% between October and December, the latest Office for National Statistics (ONS) data shows.
It’s a steeper fall than expected by economists who had forecast a 0.1% contraction.
It followed 0.1% of negative economic growth in the three months from July to September.
The data, however, is just an estimate and is subject to revision.
Figures are routinely revised as more information becomes available.
Consumer spending power has been eroded by the cost of living crisis with high inflation and expensive energy bills eating into disposable income.
Stormy weather also has kept shoppers at home.
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William Turner is a seasoned U.K. correspondent with a deep understanding of domestic affairs. With a passion for British politics and culture, he provides insightful analysis and comprehensive coverage of events within the United Kingdom.
