The U.K. and Japan entered into recessions at the end of last year as cutbacks𓆉 in spending by consumers took a toll on their econo🧜mies, data out Thursday show.

The weakness in the two major economies is in stark contrast to that of the U.S. economy, which grew at an annualized rat▨e of 𓄧3.3% in the fourth quarter, far faster than the꧒ 2% economists were expecting. 🍌

The U.K.’s 澳洲幸运5官方开奖结果体彩网:gross domestic product shrank by an annualized rate of 1.4% in the final three months of 2023, in its second consecutive quarterly decline—the technical definition of a recession.

GDP in the U.K. fell 0.3% in the three months to December versus the previous three months, following a 0.1% decline in the third quarter, according to data from the Office for National Statistics.

During the last three months of 2023, Japan’s GDP contracted at an annualized pace of 0.4%, after falling 3.3% retreat in the previous quarter, according to government data.

Japan’s shrinking economy is now the fourth-largest in the world, losing its spot in the top three behind the U.S. and China to Germany.