UK economy avoided recession at end of 2022, data shows
31 Mar 2023
Data published recently by the Office for National Statistics (ONS) has revealed that the UK economy grew by 0.1% at the end of 2022, defying estimates.
The economy did not fall into recession at the end of 2022, the ONS found. It said that the construction sector, manufacturing and telecommunications all fared better than it had previously thought. The services sector also grew by 0.1%, the data revealed.
Additionally, the ONS found that household finances have been buoyed by the government's energy bill support scheme.
Commenting on the findings, Darren Morgan, Director of Economic Statistics at the ONS, said: 'The economy performed a little more strongly in the latter half of last year than previously estimated, with later data showing telecommunications, construction and manufacturing all faring better than initially thought in the latest quarter.
'Households saved more in the last quarter, with their finances boosted by the government's energy bill support scheme.'