The United Kingdom (UK) managed to avoid recession last year despite the latest data showing that the country's economy did not grow in the fourth quarter.
Data released by the Office for National Statistics (ONS) shows gross domestic product (GDP) recorded zero growth in the period from October to December.
This follows the 0.5% decline recorded in December as it was hit by the high cost of living crisis.
The latest figures recorded indirectly show that the impact of the British economy is not as bad as most analysts expected.
In fact, the Bank of England (BOE) last week predicted that the UK will experience a 'shallow' recession but with a longer period.
In this context, shallow means not severe as previously predicted by the BOE which said the country's economy will face the risk of a deep (severe) recession.
The impact of this data, the pound currency was traded slightly changed at around the price of 1.2120 against the US dollar.
Investors seem to have failed to react significantly since the published data was also not strong enough to stimulate the pound to move more aggressively in the European session.
