UK GDP increased by 0.1% in Q4 2022: ONS

02 Apr '23

1 min read

Pic: Shutterstock

Insights

UK GDP increased by 0.1 per cent in the last quarter last year, leaving the economy 0.6 per cent larger than a year earlier, as higher inflation and a tightening in financial conditions have weighed on the economy in recent quarters.
The unemployment rate of 3.7 per cent during the quarter was close to the historical lows recorded in the mid-1970s.

UK gross domestic product (GDP) increased by 0.1 per cent in the last quarter last year (Q4 2022), leaving the economy 0.6 per cent larger than a year earlier, as higher inflation and a tightening in financial conditions have weighed on the economy in recent quarters, according to the Office of National Statistics (ONS).

There was a narrowing in the UK current account deficit in that quarter to 0.4 per cent of GDP, reflecting an improvement in net investment income; there were large disinvestments of other investments held by the United Kingdom and foreign investors.?

The unemployment rate of 3.7 per cent during the quarter was close to the historical lows recorded in the mid-1970s.

There was an increase in the 12-month rate of consumer price index (CPI) inflation to 10.4 per cent in February this year, having fallen for the previous three months; core inflation remains elevated pointing to underlying inflationary pressures, ONS said in a release.

Fibre2Fashion News Desk (DS)

More Textiles News - United Kingdom...