Sky's economics and data editor says times will remain tough in 2023 but the slowdown in the economy is not looking as bad as many predicted.
Good news has been in such rare supply in economics recently that it's worth dwelling on it when it arrives.economy had grownThis is hardly especially strong gross domestic product growth, but it's considerably better than what economists had expected: a 0.2% contraction.Unless the economy contracts by 0.4% in December the UK could avoid falling into technical recession.
The majority of economists, including the Bank of England and Office for Budget Responsibility, assumed that the economy would shrink in the final quarter of the year and, given a recession is typically defined as two successive quarters of contraction, that would mean we had formally succumbed to the R-word.That final clause matters because whether or not the UK falls foul of this somewhat arbitrary economic phenomenon, its economy is still barely growing.
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