BREAKING: The economy narrowly avoided recession in the second half of last year, according to early official figures, despite growth going into reverse in December. Sky's pkelso has the latest 👇 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
Economic activity has stalled largely as a result of energy-led price pressures on households and businesses - with the Bank of England even predicting in November last year that the economy was already likely in recession.
The narrow miss, which is subject to revision by the ONS when more data becomes available, reflects the nature of the flat picture for growth.Its director of economic statistics, Darren Morgan, said:"The economy contracted sharply in December meaning, overall, there was no growth in the economy over the last three months of 2022.
"In December public services were hit by fewer operations and GP visits, partly due to the impact of strikes, as well as notably lower school attendance. "Meanwhile, the break in Premier League football for the World Cup and postal strikes also caused a slowdown."However, these falls were partially offset by a strong month for lawyers, growth in car sales and the cold snap increasing energy generation."Despite recent squeezes in household incomes, restaurants, bars and travel agents had a strong year. Meanwhile, health and education also began to recover from the effects of the pandemic".
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