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UK avoids recession – but only just

The UK narrowly avoided recession last year, according to official figures.

Economic growth was flat over the final three months of 2022, with a contraction of 0.5% in December following growth of 0.1% in November and 0.55% in October, according to the latest data from the Office for National Statistics.

Negative growth in the fourth quarter would have signalled recession, after the economy shrank by 0.3% in the third quarter.

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