UK economy avoided recession and grew at end of last year, new figures show

The UK economy grew by more than first thought in the fourth quarter of 2022, the Office for National Statistics has said.

Economists had previously said the economy saw zero growth between October and December, indicating the UK had very narrowly avoided a recession.

However, now revised figures show that gross domestic products (GDP) increased by 0.1% over the quarter.

It comes after a 0.1% decline in the third quarter, with decline for the period reduced due to another revision.

ONS director of economic statistics Darren Morgan said: “The economy performed a little more strongly in the latter half of last year than previously estimated, with later data showing telecommunications, construction and manufacturing all faring better than initially thought in the latest quarter.

“Households saved more in the last quarter, with their finances boosted by the Government’s energy bill support scheme.

“Meanwhile, the UK’s balance of payments deficit with the rest of the World narrowed, driven by increased foreign earnings by UK companies, particularly in the energy sector.”

More follows on this breaking news story….

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