UK economy shows zero growth in final quarter of 2022: ONS | – #economy #shows #growth #final #quarter #ONS
LONDON, 10 February (Reuters) – The UK economy showed zero growth in the last three months of 2022, National Figures from the Office for National Statistics on Friday narrowly avoided falling into the technical definition of a recession.
Economists polled by Reuters had forecast zero growth for the fourth quarter of the year.
National “The economy contracted sharply in December, meaning there was no growth in the economy for the last three months of 2022,” said Darren Morgan, Director of Economic Statistics at the Statistics Office.
The Bank of England last week predicted that Britain would enter a shallow but prolonged recession starting in the first quarter of this year and lasting for five quarters.
Rising inflation, which hit a 41-year high of 11.1% in October, has hit British living standards, and firms and households will also feel the growing impact of the BoE’s rapid rate hike from December 2021.
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Reporting by David Milliken; Edited by William James
Our standards: Thomson Reuters Trust Principles.
2023-02-10 11:23:55
Source – reuters
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