UK Economy Averted Recession at Year-End After Stagnating in 4Q

By Xavier Fontdegloria

The U.Ok. economic system stagnated within the fourth quarter, narrowly avoiding a technical recession within the second half of 2022, however exercise is more likely to face a downturn this 12 months as households and companies are hit by quickly rising rates of interest.

The U.Ok.’s gross home product stalled from October to December in contrast with the third quarter, preliminary knowledge from the Office for National Statistics confirmed Friday.

Still, this marks an enchancment from the third quarter, when the economic system shrank 0.2%. A technical recession is broadly outlined as two consecutive quarters of declining output.

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