The UK economy grew by more than first thought in the fourth quarter of 2022, according to revised official data confirming the country avoided a recession last year.
Economists had previously said the economy saw zero growth between October and December, indicating the UK had very narrowly avoided a recession.
But revised figures released by the Office for National Statistics (ONS) on Friday show that gross domestic product (GDP) increased by 0.1 percent over the quarter.
Though the economy saw a 0.1 percent decline in the third quarter, the latest figures confirm that the UK avoided falling into recession—defined in the UK as two quarters of declining GDP in a row—at the end of 2022….