UK GDP grew by 0.1% in the first quarter of 2023

A plane flies over Plaza One Canada in London’s business and financial district of Canary Wharf on May 3, 2023. afp_tickers

This content was published on May 12, 2023 – 06:05


(AFP)

UK gross domestic product grew by 0.1% in the first quarter of 2023, in line with economists’ forecasts, after a similar increase in the final three months of 2022, the Office for National Statistics (ONS) said.

On the other hand, the gross domestic product declined at the end of the quarter, down by 0.3% for the month of March, after stagnating in February and recording a rise of 0.5% in January, according to the same source.

Statistics director Darren Morgan said on Twitter that growth in the first quarter “was driven by the information technology and construction sectors” even though the economy slowed due to strikes “in health, education and public administration.”

The British economy, swamped by inflation still at around 10%, seemed doomed to stagnation until recently this year, having run away enough at the end of 2022. But the latest forecasts, including those issued Thursday by the Bank of England (BoE) is more optimistic.

The Bank of England expects UK GDP to grow by 0.25% in 2023 and 0.75% in 2024.

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