The UK economy grew in the last quarter of 2022 and avoided recession. England’s Office for National Statistics reported that gross domestic product, the value of all goods and services produced in England, increased by 0.6% in the fourth quarter of 2022, after falling by 0.1% in the previous quarter. This growth was caused by the increase in consumer spending and business investment, as well as the increase in exports.
A recession is when the economy shrinks for two consecutive quarters, which can lead to job losses and lower living standards. The UK economy has not fully recovered from the impact of the pandemic, but current growth is a positive sign, the Office for National Statistics said. This is good news for the job market and people in the UK who rely on a strong economy to thrive.