The worse-than-expected contraction in the last quarter of 2022 points to a technical recession, as the first three months of 2023 are expected to have also contracted. GDP growth dipped by 1.3% in the three months to December after surprising growth of 1.8% in the third quarter of 2022.
Meanwhile, full-year economic growth for 2022 rose to 2% – considerably lower than the 4.9% growth in 2021.