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The UK economy registered marginal growth in the final quarter of 2022, final data showed on Friday.
According to a final estimate from the Office for National Statistics, gross domestic product in the fourth quarter grew 0.1% from the third quarter, which was revised up from an initial estimate of no growth.
This follows a contraction of 0.1% seen in the third quarter, which was revised from a 0.2% decline.
This means the UK avoided a technical recession, which is defined as two consecutive quarters of negative growth.
‘The level of real GDP in quarter 4 2022 is now estimated to be 0.6% below where it was pre-coronavirus at quarter 4 2019, revised upwards from the previous estimate of 0.8% below,’ ONS said.
In 2022 as a whole, GDP is estimated to have increased by 4.1%, revised upwards from the previous estimate of 4.0%. This still marks a slowdown from a 7.6% increase in 2021.
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