ONS confirms that UK avoided a recession in Q4 2022

Previous estimates had said that the gross domestic product (GDP) of the UK didn’t grow or shrink in Q4 2022.

The ONS also published revised estimates for the previous quarter (Q3 2022), showing a fall of 0.1%, which was previously estimated as a 0.2% decline.

In output terms, the services sector grew by 0.1% and the construction sector grew by 1.3%, while the production sector growth was flat in Quarter 4 2022.

The ONS also stated that household finances were improved by government support, leading to a more positive outlook.

The Bank of England have said that the economy was only expected to grow a little bit only in the next few months.

However, Andrew Bailey, the Banks governor, said he was "much more hopeful" for the economy, and it was no longer at risk of heading straight into an immediate recession.

In a tweet, Jeremy Hunt said: “Today’s figures show there’s underlying resilience in the UK economy. However, families are still facing real pressure.”

“We have stepped up with immediate relief worth an average of £3,300 per household, including paying half of people’s energy bills - funded by windfall taxes.”