THE UK economy grew by 0.3% in January, latest figures from the Office for National Statistics (ONS) show. The most recent Gross Domestic Product (GDP) data indicates the UK economy is on the up. G…
However, commenting on today's figures, Darren Morgan, director of economic statistics at the ONS, said while the economy partially bounced back since the end of last year, it's not all good news.
He said: "Across the last three months as a whole and, indeed over the last 12 months, the economy has, though, showed zero growth."A country is in recession if there are two consecutive quarters of Gross Domestic Product falling.The economy fell off by 0.3% in the third quarter of 2022 but remained unchanged in the last one - which means a recession was avoided.This, in turn, means the government gets less tax, which could mean cuts to public services and benefits.
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