2023-03-31 03:00:45 ET
- The United Kingdom GDP figure was revised up from an initial estimate of zero growth to 0.1% growth, following an upwardly-revised 0.1% contraction in the third quarter. The initial estimate had shown a 0.2% contraction in Q3.
- Household consumption grew by 0.2 percent (-0.3 percent in Q3), driven by higher spending on net tourism, transport and housing and despite the stubbornly high inflation and rising borrowing costs.
- Darren Morgan, director of economic statistics at the Office for National Statistics, said: "The economy performed a little more strongly in the latter half of last year than previously estimated, with later data showing telecommunications, construction and manufacturing all faring better than initially thought in the latest quarter. Households saved more in the last quarter, with their finances boosted by the government's energy bill support scheme."
- On a yearly basis, the economic growth slowed sharply to 0.6 percent in the fourth quarter, the weakest pace of expansion a 7.7 percent contraction in the first quarter of 2021.
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UK Q4 GDP growth revised slightly higher to 0.1% Q/Q