The UK economy managed to avoid a technical recession in the fourth quarter, but it is set to undergo a challenging period ahead as high interest rates and inflation squeeze disposable income of households.
Gross domestic product stabilized in the final quarter of 2022, as expected, after shrinking 0.2 percent in the third quarter, data released by the Office for National Statistics showed Friday.
The flat GDP helped the UK to avert a technical recession, which is defined as two consecutive quarters of negative growth. However, partly due to strikes, GDP fell 0.5 percent in December, following a 0.1 percent rise in November. Economists had forecast a moderate 0.3 percent contraction.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.