The UK financial system flatlined within the fourth quarter of 2022, that means that it simply managed to keep away from falling into a recession.
Gross home product (GDP) had fallen 0.2% within the July-September interval, and two consecutive quarters of contraction would have pushed the nation right into a recession. GDP for the December quarter confirmed zero development.
For the entire of 2022, the financial system grew by 4%, following an growth of seven.6% in 2021. However the outlook for this 12 months is way worse. Based on the International Monetary Fund, the UK is more likely to be the one main financial system to contract this 12 months.
The Bank of England final week forecast a 0.5% decline in UK financial output this 12 months, broadly in keeping with the IMF’s outlook.
— It is a creating story and will likely be up to date.