May 30, 2024

What does recession mean for the UK? The economy in five charts

Official figures showed last week that the UK slipped into a “technical” recession in the second half of last year, with a drop in gross domestic product of 0.3 per cent in the fourth quarter following a 0.1 per cent fall in the third.

But there’s more to be gleaned about the state of the economy than just what the GDP numbers tell us.

As far as individuals are concerned, it is GDP or national income per head that matters, not the total figure. On this measure, the economy has been unquestionably very weak, and falling, for some time. GDP per head fell by 0.6 per cent in the final quarter of last year, after a drop of 0.4 per cent in the third. It

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