Data released by United Kingdom's Office for National Statistics (ONS) showed that the gross domestic product (GDP) of the British economy is estimated to have increased by 0.1% in Quarter 4 (Oct to Dec) 2022, revised from a first estimate of no growth. UK's GDP had contracted by 0.1% in Quarter 3 (July to Sept) 2022.

There was an increase of 0.2% in household consumption in Q4 2022 as compared with a fall of 0.3% in Q3 2022. This was mainly driven by higher spending on net tourism, transport and housing and despite the stubbornly high inflation and rising borrowing costs.

There was also higher investment spending and higher government spending on the quarter. This was partially offset by businesses de-stocking their levels of inventories and a decline in the volume of net trade in Quarter 4 2022.

With the above revisions, the level of quarterly GDP in Q4 2022 is now 0.6% below its pre-coronavirus (COVID-19) level (Q4 2019), revised up from the previous estimate of 0.8% below.

UK's GDP is now estimated to have increased by 4.1% in 2022, revised up from the previous estimate of 4.0%. Compared with the same quarter a year ago, Britain's real GDP increased by 0.6%.

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