He United Kingdom Gross Domestic Product (GDP) fell 0.2% annually in the fourth quarter of 2023 after growing 0.3% in the previous quarter, as confirmed by the British Office for National Statistics. The decrease is in line with expectations, this being the first drop since the first quarter of 2021.
On a quarter-on-quarter basis, the UK economy contracted 0.3% after falling 0.1% in the previous quarter, meeting market expectations.
pound sterling reaction
The British Pound has reacted lower after the data, also influenced by a generalized strength of the Dollar in much of the forex table. GBP/USD has fallen to 1.2611, a daily low already approved at the Asian opening. At the time of writing, the pair is trading above 1.2614, losing 0.21% daily.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
