LONDON, March 31 (Reuters) – The UK economy grew in the fourth quarter of last year, official data showed on Friday, confirming the country narrowly avoided a slide into recession last year.
Economic output increased by 0.1% in the period from October to December compared to the previous three months. The Office for National Statistics had previously said that the economy showed no growth in the fourth quarter of 2022.
The International Monetary Fund said in January that Britain was on track to be the only large advanced economy in the Group of Seven to contract in 2023, despite economic data since coming in stronger than analysts had expected.
According to the ONS, business investment fell 0.2% on a quarterly basis, compared to a first estimate of a 4.8% increase.
The ONS said changes in the way it calculates seasonal adjustments to the data are behind the major overhaul.
Treasury Secretary Jeremy Hunt announced new stimulus earlier this month aimed at encouraging companies to invest, although the tax break was less generous than a previous system and came just as corporate taxes were due to rise in April.
According to the ONS, UK economic output in the fourth quarter was 0.6% below the level at the end of 2019.
reporting by William Schomberg; Adaptation by William James
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