The UK narrowly avoided a recession in the last quarter of 2022, despite GDP contracting by 0.5% in December.
Averaging out across the final three months of the year, the Office for National Statistics (ONS) found that output was flat and saw zero growth. A technical recession is generally defined as two consecutive quarters of negative growth, and if there had been negative overall growth in Q4 this would have signalled a recession, as the economy shrank by 0.3% in Q3. In reaction to the news, chancellor Jeremy Hunt said: "The fact the UK was the fastest growing economy in the G7 last year, as well as avoiding a recession, shows our economy is more resilient than many feared. "However, we...
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