![]() ![]() Oil and gas prices soared last year as supplies tightened following the invasion of Ukraine by key energy producer Russia. "Meanwhile, the UK's balance of payments deficit with the rest of the world narrowed, driven by increased foreign earnings by UK companies, particularly in the energy sector," he added. He added that households saved more in the last quarter, with finances boosted by government support to pay sky-high energy bills. than previously estimated, with later data showing telecommunications, construction and manufacturing all faring better than initially thought," noted ONS director of economic statistics, Darren Morgan. "The economy performed a little more strongly. The Office for National Statistics (ONS) initially said growth had been flat in the October-December period.Įither way, the UK narrowly avoided falling into recession at the end of 2022.
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