UK economy performs better than initially predicted

Wednesday 05th April 2023 05:49 EDT
 

According to updated government statistics, the UK economy did better than initially predicted at the end of last year.

It was previously thought the economy had not grown in the last three months of 2022, but new Office for National Statistics data shows it grew by 0.1%. The ONS said telecommunications, construction and manufacturing had all fared better than initially thought.

It also said household finances had been helped by the government's energy bill support scheme. A substantial increase for travel agents helped the services sector, which is the main engine of the UK economy.

Manufacturing growth was driven by the drugs industry, and construction growth was up much more than previously thought. The ONS also increased its projection for the quarter from July to September's economic performance. The GDP has reportedly decreased by 0.1%, as opposed to its earlier estimate of a 0.2% decline.

Chancellor Jeremy Hunt said the figures "show there's underlying resilience in the UK economy". However, he added that "families up and down the country are facing real pressure".


comments powered by Disqus