Friday, the Office for National Statistics said the UK economy entered the first recession since 1991.
The economy contracted 1.5% sequentially in the fourth quarter, following a decline of 0.6% in the prior quarter. Economists had expected the economy to shrink 1.2% in the fourth quarter. From the previous year, GDP fell 1.8% in the fourth quarter, reversing a 0.3% increase in the third quarter.
The output of production industries declined 3.9% sequentially, compared with a decrease of 1.4% in the prior quarter. Manufacturing output dropped 4.6%, while mining and quarrying production slid 1.6%. At the same time, the output of the construction industry fell 1.1% and services output dropped 1%.
The economy contracted 1.5% sequentially in the fourth quarter, following a decline of 0.6% in the prior quarter. Economists had expected the economy to shrink 1.2% in the fourth quarter. From the previous year, GDP fell 1.8% in the fourth quarter, reversing a 0.3% increase in the third quarter.
The output of production industries declined 3.9% sequentially, compared with a decrease of 1.4% in the prior quarter. Manufacturing output dropped 4.6%, while mining and quarrying production slid 1.6%. At the same time, the output of the construction industry fell 1.1% and services output dropped 1%.
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