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The UK economy grew in the second quarter, avoiding a summer recession despite the cost of living crisis. The 0.2% growth was a surprise improvement over the previous estimate of a 0.1% decline, the Office for National Statistics said. Separate data showed that the current account deficit narrowed to 33.8 billion pounds (37.6 billion dollars).
The second quarter expansion means the economy is not in a technical recession, as many thought. The slump is likely to have started in the third quarter, when production likely contracted due to the extra holiday allowed for Queen Elizabeth’s funeral, and that further drops will occur in the next two quarters.