UK economy shrank unexpectedly in March but grows slightly in first quarter

UK gross domestic product increased by 0.1% in first quarter, but it came after a 0.3% decrease in March

Henry Saker-Clark
Friday 12 May 2023 08:27 BST
Bank of England governor announces raise of interest rate to tackle inflation

The UK economy marginally grew over the first quarter of the year, according to official data, further easing concerns that the UK could soon enter a recession.

UK gross domestic product (GDP) increased by 0.1% between January and March, the Office for National Statistics (ONS) revealed.

But it came after a 0.3% decrease in March, driven by falls for the retail and wholesale sector while the healthcare sector was also impacted by strike action.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in