UK Economy Returns to Growth, Easing Fears of Impending Recession

A Union Flag flies from HMS Belfast moored on the River Thames in the shadow of the office buildings of the City of London, in London, on Nov. 1, 2020. Justin Tallis/AFP via Getty Images

The UK economy returned to growth in January following a contraction the month before, easing fears of an impending recession.

According to the latest data from the Office of National Statistics (ONS), monthly real GDP is estimated to have grown by 0.3 percent in January, after falling by 0.5 percent in December 2022.