UK economy avoids recession as GDP creeps up
The United Kingdom has avoided recession as its GDP inched up by 0.1%, the Office for National Statistics (ONS) has said.
The country’s GDP was initially predicted to stay flat, with 0.0% growth.
GDP is a measure of the size of an economy. If it’s rising then the economy is growing, if it’s falling then it’s shrinking.
Avoiding recession is good news for Brits, but it will likely not lead to lower bills and a fall in the cost of living in the near future.
Darren Morgan, director of economic statistics at ONS said: “The economy performed a little more strongly in the latter half of last year than previously estimated, with later data showing telecommunications, construction and manufacturing all faring better than initially thought in the latest quarter.”
“Households saved more in the last quarter, with their finances boosted by the government’s energy bill support scheme.
“Meanwhile, the UK’s balance of payments deficit with the rest of the World narrowed, driven by increased foreign earnings by UK companies, particularly in the energy sector.”
