UK avoided recession in final three months of 2022
Separate figures showed that GDP rose 0.1 per cent in the fourth quarter, better than the zero growth previously recorded. That followed a 0.1 per cent decline in the third, revised from a 0.2 per cent drop. It means Britain dodged a recession last year but output is still 0.6 per cent lower than its pre-pandemic level, making the UK the only G-7 economy that has yet to fully recover.
Stronger-than-expected recent data on retail sales and the the labor market have left forecasters predicting only a small contraction in the first quarter, with many — including the BOE — expecting a bounce back in the following three months. The saving ratio, the proportion of income left over after spending on goods and services, rose to 9.3 per cent from 8.9 per cent. That remains well above pre-pandemic levels and was boosted by government aid to help with energy bills.
The services sector grew 0.1 per cent, an improvement on the previous estimate of zero growth. The quarterly growth was driven by support services, with travel agents seeing a big boost as people made plans to get away.
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