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UK and Japan Fell into Recessions at the End of Last Year
Gross domestic product in Japan and the U.K. declined for two consecutive quarters in the second half, data showed Thursday.
- U.K.'s gross domestic product shrank by 1.4% in the fourth quarter of the year following a 0.3% decline in the quarter before.
- Japan also had two consecutive quarters of GDP contraction—3.3% in the third quarter and 0.4% in the fourth.
- Two quarters of GDP decline are the technical definition of a recession and the two economies stand in contrast the the U.S., which grew 3.3% in the fourth quarter.