UK Clothing Retail Hit by Recession as Consumer Confidence Wanes
UK Clothing Retail Hit by Recession as Consumer Confidence Wanes
The latest data from the Office for National Statistics (ONS) reveals a concerning downturn in the UK's economy, with gross domestic product (GDP) estimated to have declined by 0.3% in the fourth quarter of 2023. This marks the second consecutive quarter of contraction, signaling a technical recession as consumers adopt a more cautious approach to spending amidst tightening budgets.
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Although the overall GDP for 2023 saw a marginal increase of 0.1% compared to the previous year, the ONS highlights that this growth is notably subdued, representing the weakest annual change since the 2009 financial crisis, excluding the pandemic-impacted year of 2020.
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