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.'

SEBA award logo Business awards logo Quickbooks logo Receipt Bank logo Xero logo Professional Services Group for Hinkley

Home | Contact us | Credit | Accessibility | Disclaimer | Privacy Policy | Insurance | Help | Site map |

© 2023 Poolbridge Accountancy Ltd. All rights reserved.

Poolbridge Accountancy Ltd, The Forge Enterprise Centre, 3 Church Road, West Huntspill, Somerset TA9 3RN

We use cookies on this website, you can find more information about cookies here.