It was reported that the UK economy grew by 0.3 percent in January this year.
The British Office for National Statistics (ONS) announced growth figures for January. Accordingly, gross domestic product (GDP) in the country grew by 0.3 percent in January.
Economists expected economic growth in the country to increase by 0.1 percent in January.
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The British economy contracted by 0.5 percent in December last year.
Commenting on the growth data, British Finance Minister Jeremy Hunt noted that the British economy proved that it is much more resilient than it seems with the last monthly growth data.
KMPG UK Chief Economist Yael Selfin also stated that although signs of growth are seen in the economy, the possibility of recession is still on the table.
“The significant fall in wholesale gas prices and the easing of supply chain disruptions provided some support to economic prospects at the start of 2023. But this may not be enough to avoid a recession in the first half of this year. This is because consumer spending remains weak as it continues to be pressured by higher prices and higher interest rates.”
The UK economy narrowly avoided a technical recession in the 4th quarter of 2022, remaining unchanged from the previous quarter.
The British economy recorded the fastest growth among the G7 countries with 4 percent growth on an annual basis last year.