UK economy performs slightly better than previously estimated, grows by 0.1% in late 2022

The UK economy performed slightly better in the fourth quarter of last year than what was previously estimated. According to the revised figures by the Office for National Statistics (ONS), published Friday, the British economy grew by 0.1% in late 2022.





ONS said that the growth in the October-December period was initially flat. However, the UK narrowly escaped falling into recession at end of last year. In a statement, ONS director of economic statistics, Darren Morgan said that the UK economy performed “a little more strongly than previously estimated” while adding that the data has shown that telecommunications, construction and manufacturing performed better than what was initially thought.

He also said that the households saved more in the last quarter as their finances were boosted by the government’s support to pay spiked energy bills. Morgan also noted that the UK’s balance of payments deficit with the rest of the world narrowed as it was driven by increased foreign earnings by UK firms, especially in the energy sector.




The original estimate for the gross domestic product (GDP) between October and November, which was released in February, had predicted no growth. A recession in the UK is defined as two consecutive quarters of declining GDP, and the economy had already shrunk 0.2% in the third quarter.

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