Gross domestic product had fallen 0.2% in the July-September period, and two consecutive quarters of contraction would have pushed the country into a recession. GDP for the December quarter showed zero growth. For the whole of 2022, the economy grew by 4%, following an expansion of 7.6% in 2021.
But the outlook for this year is much worse. According to the International Monetary Fund, the United Kingdom is likely to be the only major economy to contract this year. The Bank of England last week forecast a 0.5% decline in UK economic output this year, broadly in line with the IMF’s outlook. — This is a developing story and will be updated.
End public service unions. Stay calm , shut up and go to work.
Jam tomorrow, for the last 13 years (10 in austerity). The UK narrowly avoiding falling into recession is hardly an accolade for this govt is it.