UK marginally avoids technical recession as GDP data beats expectations

0.1% growth versus expectations of 0%

The UK marginally avoided entering a technical recession in the final quarter of 2022 as the 0.1% GDP growth reading came in slightly better than expectations of 0%.

According to the Office for National Statistics, GDP is estimated to have increased by 0.1% between October and December, revised from a first estimate of no growth. This follows a revised fall of 0.1% from July to September 2022, previously estimated as a 0.2% decline. The UK economy is still smaller than it was before the Covid pandemic, the only country within the G7 with this title. The level of quarterly GDP in Q4 2022 was 0.6% below its pre-pandemic level, revised up from the previous estimate of 0.8% below. The production sector's growth in the fourth quarter of 2022 was flat, ...