Economic Buzz: UK Economy Expands By 0.8% In Q1 2022

12 May 2022 , 02:22 PM

The UK economy expanded at a slower pace in the first quarter, as per the data released by the Office for National Statistics. UK gross domestic product (GDP) is estimated to have increased by 0.8% in Quarter 1 (Jan to Mar) 2022, and by 8.7% compared with Quarter 1 2021. In output terms, services increased by 0.4%. In Quarter 1 2022, there was a 0.6% increase in household consumption partially offset by large movements in international trade flows; however, there is some additional uncertainty on the EU trade flows because of recent changes in how some of these data are collated. In output terms, services increased by 0.4% with the largest contributors from information and communication, accommodation and food, and transportation and storage industries, while there was a decline in wholesale and retail. Monthly estimates published show that GDP rose by 0.7% in January, whereas there was no growth in February 2022 and a fall of 0.1% in March 2022.Powered by Commodity Insights