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Bleak prospects for 2023 despite surprise November GDP increase, ICAEW says

Author: ICAEW

Published: 13 Jan 2023

Suren Thiru, Economics Director at ICAEW, responds to the UK GDP figures for November 2022, released by the Office for National Statistics today (Friday 13 January).

“This surprising GDP bounce suggests that the economy is proving more resilient than many had feared. A strong boost to consumer activity from the World Cup helped lift overall activity. 

“The positive November outturn delays rather than diminishes the prospect of recession with soaring inflation, higher unemployment, rising interest rates and taxes likely to suffocate activity for much of this year.”

ENDS

Notes to editors:

Contact: ICAEW media office media.office@icaew.com, tom.mackintosh@icaew.com or 07866 853 841

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