Growth in the UK economy
The UK economy unexpectedly grew in November, boosted by people going to the pub to watch the FIFA World Cup.
Data from the Office for National Statistics (ONS) showed the UK's gross domestic product (GDP) rose by 0.1% and the largest contributor to growth came from food and beverage service , which seen a 2.2% growth increase. However, GDP fell by 0.3% between July and September last year.
The UK economy had been expected to fall into recession, which is defined as two three-month periods of shrinking economic output in a row, this year. November's surprise rise in growth has meant it is now uncertain if the country is in a formal recession, which will depend on the next set of figures released in a month. UKHospitality chief executive Kate Nicholls said the data showed how the hospitality industry could drive economic recovery with spending in pubs and bars up 40% on matchdays.
"While hospitality has yet to recover to pre-Covid levels, in real terms, today's figures demonstrate the role the sector can play in boosting the economy," said Nicholls. "While times are challenging right now, with the right support and investment the sector can both survive and thrive; delivering long-term economic growth, creating jobs and continuing its tradition of investing in our communities."
Although the hospitality and wholesale trade are facing some tough times ahead, this was no doubt a positive end to a challenging 2022.