Even the British economy, which contracted in December, confirming the gloomy forecasts of economic analysts, finally avoided a recession, albeit with difficulty.

In particular, in the last month of last year, GDP fell by 0.5% after positive growth rates recorded in the previous two months, namely 0.1% in November and 0.55% in October.

Overall, the latest data shows that UK GDP has remained flat in the last three months of 2022.

A negative reading for the fourth quarter as a whole would signal that the economy is in recession, as the economy contracted 0.3% in the third quarter.

This was preceded by a contraction of the British economy by 0.3% for the quarter from July to September.

Its GDP remained flat in the last three months of 2022, avoiding a recession.

A recession is defined when the economy contracts for two consecutive three-month periods. This usually means it performs poorly and companies can make less money and cut jobs, leaving the government with less tax revenue.

Chancellor of the Exchequer Jeremy Hunt said the UK economy is still in trouble, reacting to data showing zero growth in the last quarter of 2022, but that Britain has managed to avoid a recession.

“The fact that the UK was the fastest growing economy in the G7 last year, and that it avoided a recession, shows that our economy is more resilient than we feared,” Hunt said in a statement. He added, however, with the necessary caution, that in any case, the British economy has not yet “opened up”, especially in terms of inflation.

Indeed, inflation is currently the most profound and dangerous pathology of the British economy. It has risen to 11.1% since October, its highest level in 41 years. The result is a serious blow to the standard of living of the British, while households and businesses in the country are suffering from the aggressive increase in the cost of borrowing, which the Bank of England has been pursuing since last year. year.