Office for National Statistics data showed that the UK avoided a fourth-quarter recession.
As expected, the gross domestic product remained unchanged in the fourth quarter of 2022 after declining by 0.2 percent in third quarter.
After a rise of 0.1 percent in November, the GDP declined by 0.5 percent in December. The forecast by economists was for a mild 0.3 percent contraction.
In the fourth-quarter, the output of the service sector was flat, driven by declines in the subsectors of education, transport, and storage.
A 0.2 percent decline in production offset a growth of 0.3 per cent in construction. In the fourth quarter, manufacturing was largely flat.
In terms of expenditures, the growth in real household spending, government expenditure, and gross fixed capital formation in the fourth quarter was offset by a decline in international trade flows.
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After a 7.6 percent growth in 2021, the GDP will grow by 4.0 percent in 2022.
Separate data from ONS revealed that the visible trade surplus narrowed from GBP 49.9 billion to GBP 45.5 billion in fourth quarter. The trade deficit in services fell to GBP…
