British economy avoided recession – News – Economy – Kommersant

Today the UK Office for National Statistics (ONS) published data on GDP dynamics in the fourth quarter and for the whole of 2022. It is reported that in the last quarter of the year, GDP showed zero dynamics, while in the third quarter it decreased by 0.2%. Thus, the British economy was able to avoid a recession, a sign of which is the decline in GDP for two quarters in a row. At the end of all 2022, British GDP showed an increase of 4%, a year earlier, growth was 7.6%.

Analyzing the data of the fourth quarter, the experts noticed that in December the GDP showed a noticeable decline – by 0.5%. This is attributed to the wave of strikes that swept the UK before the New Year. In mid-December, the largest strike in the last 70 years in the country held employees of medical institutions, and at the end of December – transport workers. The main demand of the strikers was an increase in wages against the backdrop of record inflation and rising consumer prices. “The strikes had a direct effect on economic activity in their industries. But we cannot say that this effect is isolated from other sectors of the economy and the entire economy as a whole,” the ONS said in a statement.

Read about the increase in taxes in Britain in the material “Kommersant” “Everyone who can pay taxes”.

Evgeniy Khvostik