After Japan, UK enters recession as household spending declines
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The United Kingdom economy has officially fallen into a recession. The Office for National Statistics announced a larger than expected 0.3% decrease in gross domestic product (GDP) for the three months leading up to December. This comes after a 0.1% decline in the previous quarter, resulting in two consecutive quarters of shrinking national output. Experts attribute it to reduced household spending due to skyrocketing interest rates and increasing living costs, as well as a slump in retail sales.