The gross domestic product of the nation did not change in the final three months of 2022, according to data released by the British Office for National Statistics today, Friday.
The fourth quarter of the year was predicted to have zero growth by economists surveyed by Reuters. The Bank of England forecast last week that Britain would experience a brief recession that would endure for five quarters, beginning in the first quarter of this year.
The increase in inflation, which in October hit its highest level in 41 years at 11.1%, has a negative impact on living standards in Britain. Since the Bank of England began rapidly raising interest rates in December 2021, this impact has also been felt by businesses and individuals.
Due to a slowdown in corporate investment and reduced household income during the third quarter of last year, the British economy shrank quicker than anticipated.
In contrast to earlier predictions that it would decline by 0.2%, the National Statistics Office’s data revealed that the gross domestic product fell by 0.3% during the three months ending in September 2022.
