Office of National Statistics (ONS) from United kingdom Friday is estimated to be gross domestic product (GDP) of the country by 0.1% in the fourth quarter, October-December 2022.
in press releaseThe Office reported that its estimate is the result of a revision of its initial estimates that the UK economy was not growing.
The office indicated that the services sector grew by 0.1%, in terms of production, and the construction and building sector increased by 1.3%, while the growth of the productive sector remained stable.
The Office for National Statistics estimates that the “level of real GDP” in the fourth quarter is now 0.6% lower than its pre-COVID-19 level in the fourth quarter of 2019, noting that the rate has been revised upwards from the previous estimate of 0.8%.
The “implied GDP deflator” increased by 7.3% after adjusting upwards during 2022 through the fourth quarter, “mainly reflecting the higher cost pressures faced by households.”
In this sense, the bureau confirmed that the “family savings rate” rose to 9.3% in the fourth quarter of 2022 from 8.9% in the previous quarter, while the “real disposable income for households (RHDI)” rose 1.3% this quarter. After four consecutive quarters of negative growth.
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