UK economy grew slightly and avoided recession, revised official figures show

Revised figures have confirmed that the UK economy avoided recession in the second half of last year, posting 0.1% growth in the fourth quarter.

The original estimate for gross domestic product (GDP) between October and November, released in mid-February, had shown zero growth.

The cost of living crisis took a heavy toll on consumer spending, especially during the crucial Christmas month.

December’s drag, also partly due to the impact of strikes, proved crucial in the ONS revisions.

The economy has since performed better than expected despite the continuing sting from inflation, which remains in double digits.

Updated predictions last week from the Bank of England, which had forecast that the economy entered recession in the second half of last year, ruled out the likelihood of a recession in 2023.