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Free AccessThe UK economy was flat in Q4, data released by the Office for National Statistics on Friday showed, as a slowdown in December almost pushed the economy into recession.
The data came in just below the Bank of England's forecast of 0.1% growth, but on its own, it won't swing the needle on a furure policy decision, with upcoming labour market and inflation data likely to be more important.
The economy contracted 0.5% in December, leaving GDP at +0.0% in Q4 (it rose 0.01% to 2 decimal places). The services sector was a drag, hampered by consumer spending and strikes across a variety of sectors. For 2022 as a a calendar year, the economy grew 4.0%, but still stood below pre-pandemic levels, whether measured against Q4 2019 or February 2020.
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