UK Gross Domestic Product (GDP) Fell by 0.3% in Quarter 4 2023

15 February 2024

UK gross domestic product (GDP) is estimated to have fallen by 0.3% in Quarter 4 (Oct to Dec) 2023, following an unrevised fall of 0.1% in the previous quarter. While the economy has now decreased for two consecutive quarters, across 2023, GDP is estimated to have increased by 0.1% compared with 2022.
In output terms in Quarter 4 2023, there were falls in all three main sectors in the latest quarter with declines of 0.2% in services, 1.0% in production, and 1.3% in construction output.
In expenditure terms, there was a fall in the volume of net trade, household spending and government consumption in Quarter 4 2023, partially offset by an increase in gross capital formation.
Source: Office for National Statistics
Post by: Republic of Türkiye Ministry of Trade