UK narrowly avoids recession after figures show growth flatlining

Economy contracted in December by 0.5% after expansion of 0.1% and 0.55% in previous two months

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The UK has avoided entering a recession by the slimmest of margins as figures show its trade deficit with the EU hit record levels in the last three months of 2022.

A decline in gross domestic product (GDP) of 0.5% in December was offset by increases in the two previous months to leave the economy's performance in the fourth quarter at roughly the same level as the previous three months.