THE UK economy grew 0.2% over the three months to June, the Office for National Statistics has revealed.
The ONS previously said there was a 0.1% fall in Gross Domestic Product (GDP) for the quarter – between April to June.
It means the economy grew slightly when previously it was thought to be shrinking.
It indicates the country is not currently in a recession.
The Bank of England warned that the economy will officially enter recession by the end of the month.
A country is in recession when its economy shrinks over a sustained period of time, rather than growing normally.
It takes two consecutive quarters of decline for economists to qualify a downturn as recession.
The services and construction sectors were the key drivers behind marginal growth.
The services sector grew output by 0.2%, which went up to 1.1% for construction.
Nel frattempo, growth has been “easing” in the science, retail and health industries.
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The UK’s recovery from the fallout of Covid has also been revised down in the ONS’ latest figures.
“The level of real GDP is now estimated to be 0.2% below where it was pre-coronavirus at Quarter 4 2019, downwardly revised from previous estimates of 0.6% sopra,” the ONS said.
It comes as the UK’s financial markets have taken a battering this week after new prime minister Liz Truss and Chancellor Kwasi Kwarteng revealed a tax cuts bonanza in the mini Budget.
The value of the pound tumbled after the swathe of tax cuts were revealed.