That UK economy enter a technical recession by the end of 2023 while chaining two consecutive quarters of contractionwith a decline in gross domestic product (GDP) of 0.3% from October to December, the Office for National Statistics (ONS) reported this Thursday.

The decline in GDP in the last three months of the year was coupled with a decline in a 0.1% between July and September, the agency indicated, when it released the first of two tallies.

The ONS noted that, despite a technical recession in that period, the economy continued to grow 0.1% compared to 2022.

In the third quarter of 2023, there will be a contraction in the main economic sectors which will experience a decline 0.2% services, 1% industrial production and 1.3% construction.

In addition, there was a decline in net trade volumes and spending by both the Government and households, the ONS said.

This is the first time the UK has entered a recession since it occurred in the first half of 2020due to the impact of the pandemic.

The data is a blow, in an election year, for the conservative prime minister, Rishi Sunakwhich promised to make growing the economy one of its five priorities.

After knowing the results, the Minister of Economy, Jeremy Huntsaid that the growth was low “This is not a surprise” as long as the Bank of England keeps interest rates high to reduce inflation.

Labor Party Spokesperson for the Economy, Rachel ReevesMeanwhile, Sunak’s promise to grow the economy is now “destroyed”.

The Head of Government “can no longer say that his plan is working,” said Reeves, who defended that only his party “has a long-term plan to create more jobs, more investment and reduce bills.”

(With information from EFE)