Economy Slips: U.K. Glides into Recession in Final Quarter
LONDON – The United Kingdom’s economy has entered a technical recession, according to initial figures released on Thursday. The Office for National Statistics reported a 0.3% contraction in the UK’s gross domestic product during the final three months of last year, marking the second consecutive quarterly decline. While there is no official definition of a recession, two consecutive quarters of negative growth are widely considered a technical recession. Economists had forecast a 0.1% contraction for …