The UK's gross domestic product (GDP) fell by an estimated 0.3% in the fourth quarter of 2023, the second consecutive quarterly decline, according to the Office for National Statistics.
Overall, the 2023 GDP increased by an estimated 0.1% compared with 2022.
There were decreases in the three main sectors of the economy, with declines of 0.2% in services, 1% in production, and 1.3% in construction output.
Andrew Harding, FCMA, CGMA, chief executive–Management Accounting at AICPA & CIMA, together as the