How UK narrowly escaped recession in 2022 – Report

Oluwanifemi Ojo
Oluwanifemi Ojo
Economy decline, recession

The economy of the United Kingdom narrowly escaped recession at the last quarter of 2022.

This was reported by Reuters according to the figures from the Office for National Statistics that was disclosed on Friday.

The figures showed zero growth from October to December, 2022.

It managed to escape the technical definition of recession.

Reuters polled economists, who predicted zero growth for the final three months of the year.

The Director of Economic Statistics, Darren Morgan, at the National Statistic Office said, “The economy contracted sharply in December meaning, overall, there was no growth in the economy over the last three months of 2022.”

Also, it was reported that the Bank of England predicted last week that Britain would experience a minor recession that would run for five quarters, beginning in the first quarter of this year.

The United Kingdom has since last October experienced a high inflation rate of 11.1%. The inflation rate is affecting standards of living.

Since December 2021, organisations and individuals have begun experiencing the impact of the constant surge in interest rate.

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