Britain's economy unexpectedly eked out some growth in November after a boost from FIFAWorldCup drinkers and video game sales, reducing the chance that it has already slipped into recession, but the picture for 2023 remains gloomy
Gross domestic product rose 0.1% from October, figures from the Office for National Statistics showed on Friday, a higher reading than any forecast in a Reuters poll of economists which had pointed to a 0.2% decline.
"With a fair wind, the UK may now avoid recession, though December was marked by widespread strikes and activity survey readings were weak," HSBC economist Liz Martins said. "Looking ahead, consumer spending is likely to falter as the squeeze on household real incomes intensifies, so we still expect GDP to contract in the first three quarters of this year," Thomas Pugh, economist at accountants RSM UK, said.
Much of the gain reflected people going to the pub to watch the men's soccer World Cup - with food and beverage services output jumping 2.2% on the month - as well as early pre-Christmas spending on video games, the ONS said.
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