Britain’s economy avoided a recession as it grew in the final months of 2022, according to official data, which showed a boost to households’ finances from state energy bill subsidies but falling investment by businesses. | Reuters
Despite the improvement, British economic output remained 0.6 percent below its level of late 2019, the only G7 economy not to have recovered from the COVID-19 pandemic.
“But with around two-thirds of the drag on real activity from higher rates yet to be felt, we still think the economy will slip into a recession this year,” she said. Manufacturing grew by 0.5 percent, driven by the often erratic pharmaceutical sector, and construction grew by 1.3 percent. The outlook has improved thanks in large part to falling international energy prices and a strong jobs market.
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