Japan’s economy surprisingly enters technical recession, in the face of domestic consumption that continues to remain weak. In the period between October and December, GDP recorded a contraction of 0.1%, from -0.7% in the previous quarter, and well below the expectations of analysts, who expected an increase of 0.4%. On a year-on-year basis, gross domestic product saw a decline of 0.4%. Based on today’s data, the Land of the Rising Sun gives up the third step of the podium on a global scale and sees itself overtaken by Germany, which becomes the world‘s third largest economy behind the United States and China.
Britain also enters technical recession in the fourth quarter of 2023. GDP recorded a contraction of 0.3% in the last three months of the year, after -0.1% in the August-September period. The technical recession is achieved by achieving two consecutive declines in quarterly GDP.
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