Tuesday, March 21, 2023

UK narrowly avoids recession in back half of 2022 despite December slump

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Christmas shoppers in London on Dec. 23, 2021.

Hasan Esen | Anadolu Agency | Getty Images

The U.K. economy showed no growth in the final quarter of 2022, but shrunk by 0.5% in December — more than expected by analysts.

The figures mean the country narrowly avoided a recession — commonly defined as two quarters of negative growth — following a 0.2% contraction in the third quarter.

This is a developing story and will be updated shortly.

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