UK grows a paltry 0.1% in 4Q22; still 0.6% below pre-covid levels

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CoM | The UK economy recorded a minimal expansion of 0.1% in the fourth quarter of 2022, following the contraction of a tenth of a percentage point in Europe’s second largest economy in the third quarter of last year, according to revised data released on Friday by the Office for National Statistics (ONS).

As a result, GDP is now estimated to have risen by 4.1% in 2022 as a whole, a tenth more than expected, while compared with the fourth quarter of 2021, real GDP rose by 0.6%.

The level of activity in the UK economy is still 0.6% below that recorded in the fourth quarter of 2019, the last quarter before the Covid-19 pandemic, a two-tenths improvement on the previous estimate.

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