Economy shows zero growth following 0.5% GDP fall

The UK economy narrowly avoided recession at the end of 2022 but growth is expected to remain close to zero in 2023

Gross domestic product (GDP) fell by 0.5% in December, following a growth figure of 0.1% in November 2022, the Office for National Statistics (ONS) said.

The drop was mostly explained by public sector strikes, particularly across transport and postal services. There was also a fall in activity in the health sector, with fewer operations and GP appointments, and delays to Premier League games due to the World Cup.

December’s fall in output follows 0.5% growth in October and 0.1% growth in November 2022.

Accounting industry turnover was £3.3bn in December, a decrease of 13% from November 2022, according to Office of National Statistics data released this morning.

 For context the total services sector (including legal) had a turnover of £223bn in December, down 7.5% from November 2022.

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