UK avoids recession again as GDP figures show growth flatlining | City & Business | Finance

The results followed the growth of 0.4 percent in January and the announcement that Britain avoided a recession in the second half of 2022, with a recession defined as two consecutive quarters of negative growth.

However, the OBR expects the economy to shrink by a total of 0.2 percent this year.

Several industries, such as education, hit by a wave of strikes significantly contributed to the fall in growth in February. Education was the latest contributor to the drop in growth as it fell by 1.7 percent while public administration was the second biggest contributor.

Responding to the announcement Chancellor Jeremy Hunt said: “The economic outlook is looking brighter than expected – GDP grew in the three months to February and we are set to avoid recession thanks to the steps we have taken through a massive package of cost of living support for families and radical reforms to boost the jobs market and business investment.”

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