UK economy grew slightly and avoided recession, revised official figures confirm


The UK economy grew slightly in the last financial quarter, confirming the country avoided recession in the second half of last year.

Office for National Statistics (ONS) revisions to economic data covering the fourth quarter of 2022 showed growth of 0.1%.

The original estimate for gross domestic product (GDP) between October and November, released in mid-February, had shown zero growth.

The cost of living crisis took a heavy toll on consumer spending, especially during the crucial Christmas month.

December’s drag, also partly due to the impact of strikes, proved crucial in the ONS revisions.

The economy has since performed better than expected despite the continuing sting from inflation, which remains in double digits.

Updated predictions last week from the Bank of England, which had forecast that the economy entered recession in the second half of last year, ruled out the likelihood of a recession in 2023.

Articles You May Like

‘Everyone is a programmer’ with generative A.I., says Nvidia chief
Dua Lipa calls for migrant ’empathy’ after ‘small minded’ government language
NASA Panel Studying Unidentified Aerial Phenomena, UFO Sightings to Hold First Public Meeting Ahead of Report
Labour blocks sitting left-wing mayor from standing for new North East role
Eamonn Holmes trades blows on social media with ‘delusional liar’ Phillip Schofield