THE UK economy grew by 1.3% at the end of last year despite a cost of living crisis squeezing millions of families’ budgets.
Official figures show that the gross domestic product (GDP) rebounded between October to December last year.
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It has grown at a faster rate than what experts previously expected, with economists estimating it would grow 1% during this period.
It means that the UK’s economy is now 0.1% below its pre-Covid level.
The Office for National Statistics (ONS) measures gross domestic product monthly and it shows if the economy is growing or not.
The economy took a series of big hits over the Covid crisis when businesses were forced to close.
But the economy has rebounded since – and at a time when a cost of living crisis is hitting millions of families.
More to follow…
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