GDP rose by 0.1% in final three months of last year despite fears over inflation and financial turmoil
Britain’s economy grew more than initially thought in late 2022 as a boost from builders, manufacturing and the telecoms sector helped the countryDespite fears that a combination of high inflation, strikes and financial turmoil would lead to falling output,from the Office for National Statistics showed gross domestic product rose by 0.1% in the final three months of last year.
A decline in output in the third quarter of 2022 – when activity was affected by an extra bank holiday after the death of Queen Elizabeth II – was revised up to -0.1% compared with a previous -0.2%. An economy is technically deemed to be in recession if it contracts for two successive quarters. Despite the revisions, ONS data shows the economy has been broadly flat since early 2022, growing by 0.1% in each of the second and fourth quarters and contracting by 0.1% in the third quarter. The economy remains smaller than it was in late 2019 before the onset of the Covid-19 pandemic, although by 0.6% rather than the 0.8% previously estimated.
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