The UK economy flatlined in the last quarter of 2022, meaning that it just managed to avoid falling into a recession.
Gross domestic product (GDP) had fallen 0.2% in the July-September quarter, and two consecutive quarters of contraction would have pushed the country into a recession. GDP for the October-December period showed zero growth, the Office for National Statistics (ONS) said Friday.
For the whole of 2022, the economy grew by 4%, following an expansion of 7.6% in 2021. Its performance is likely to deteriorate sharply this year: the International Monetary Fund has forecast that the United Kingdom will be the only major economy to contract in 2023. And last week, the Bank of England forecast a 0.5% decline in UK economic output this year, broadly in line with the IMF’s prediction.
https://edition.cnn.com/2023/02/10/economy/uk-economy-gdp/index.htmlAccording to the classic definition of a two-quarter downturn, UK economy has weathered the recession, but has it really done so? What are the expectations for next year?
The country is witnessing widespread strikes, and the repercussions of leaving the European Union are still underway. The energy crisis gives the impression that worse is yet to come.
UK is almost the only G7 country whose GDP still hasn't reached pre-2020 levels.