The British economy grew 0.3 percent in January

The British Office for National Statistics (ONS) announced growth figures for January. Consequently, the country’s gross domestic product (GDP) grew 0.3 percent in January.

Economists had expected a 0.1 percent increase in the country’s economic growth in January.

The British economy contracted 0.5 percent in December last year.

Making an assessment of the growth data, UK Chancellor of Finance Jeremy Hunt noted that the UK economy has shown that the UK economy is much more resilient than it seems, with the latest monthly growth data.

‘THE POSSIBILITY OF RESOLUTION IS STILL ON THE DESK’

Yael Selfin, chief economist at KMPG England, also said the possibility of recession remains on the table, despite signs of growth in the economy.

Selfin said: “The sharp drop in wholesale gas prices and diminishing supply chain disruptions gave some support to the economic outlook for early 2023. But that may not be enough to prevent a recession in the first half. of this year. That’s because consumer spending remains weak as it continues to be held back by higher prices and higher interest rates.” he used the phrase.

The UK economy was unchanged in the fourth quarter of 2022 compared to the previous quarter and narrowly escaped the technical recession.

The British economy registered the fastest growth among the G7 countries, growing 4 percent annually last year. (AA)