Demand is rising for UK businesses, raising hopes for economic recovery following what could be a recession by the end of 2022. A survey of more than 900 businesses by the Institute of Directors revealed growth in all industries, raising the possibility that the economy will perform better than expected in the first quarter of 2023. 50% of businesses report that order books are in better shape now than they were at the end of 2022. Despite regional variations in annual inflation rates, this high demand could result in inflation remaining higher than anticipated. The UK avoided entering a technical recession in the second half of 2022, according to the Office for National Statistics, despite the economy contracting by 0.1% and increasing by 0.1% in both the third and fourth quarters. The UK economy has remained largely flat since early 2022 despite revisions, and it is still 0.6% smaller than it was before the Covid-19 pandemic.
Source: https://www.theguardian.com/business/2023/mar/31/uk-avoids-recession-as-economy-stronger-than-first-thought-at-end-of-2022
I think it's excellent that the UK is picking up speed again after a sluggish 2022 last quarter.
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