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The UK economy registered no growth in the final quater of 2022, narrowly avoiding a recession, data on Friday showed.
According to a first estimate from the Office for National Statistics, gross domestic product in the fourth quarter saw no growth from the third quarter. This follows a revised contraction of 0.2% seen in the third quarter.
This means the UK avoided a technical recession, which is defined as two consecutive quarters of negative growth.
On an annual basis, gross domestic product rose by 0.4% in the fourth quarter, slowing from 1.9% in the third quarter.
In December, GDP fell 0.5% from the month before, having grown by 0.1% in November.
In 2022 as a whole, GDP is estimated to have increased by 4.0%, slowing markedly from a 7.6% increase in 2021.
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