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UK economy grows slightly in revised GDP estimate

Revised figures show the U.K. economy grew slightly in the second quarter of this year, indicating the country isn’t currently in a recession

By AP News
Published - Sep 30, 2022, 05:20 AM ET
Last Updated - Jun 24, 2023, 05:36 AM EDT

LONDON (AP) — Revised figures show the U.K. economy grew slightly in the second quarter of the year, indicating the country isn’t currently in a recession.

The Office for National Statistics said Friday that gross domestic product increased by 0.2% in the three months through June, compared with the agency’s previous estimate that the economy shrank by 0.1% in the period.

The new estimate means the British economy isn’t technically in a recession, which is traditionally defined by two consecutive quarters of shrinking GDP.

The Bank of England said last week that it expected GDP to fall by 0.1% in the three months through September. That would have put the British economy into a technical recession if the second-quarter figures hadn’t been revised.

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