CoM | The UK economy, the second largest in the Old Continent, stagnated in the fourth quarter of 2022, narrowly managing to avoid going into technical recession, following a 0.2% contraction in gross domestic product (GDP) in the third quarter of last year, the Office for National Statistics (ONS) has reported.
Despite dodging recession in the last quarter of 2022, the British economy contracted by 0.5% in December, after growing by 0.1% in November and 0.5% in October.
Thus, in the fourth quarter of 2022, UK GDP still remained 0.8% below the level observed in the fourth quarter of 2019, the last full quarter before the Covid-19 pandemic.
In 2022 as a whole, UK GDP growth was 4%, compared with a 7.6% expansion in 2021.
