Economic Buzz: UK GDP Increased 0.8% In Q1 2022

30 Jun 2022 , 01:45 PM

According to the Office for National Statistics, UK gross domestic product (GDP) is estimated to have increased by an unrevised 0.8% in Quarter 1 (Jan to Mar) 2022. The level of real GDP remains 0.7% above where it was pre-coronavirus (COVID-19) at Quarter 4 (Oct to Dec) 2019. In output terms, the largest contributors to the increase in Quarter 1 2022 were information and communication, and transport and storage; production output was primarily driven by a rise in manufacturing output; and construction output rose. Household final consumption expenditure grew by an unrevised 0.6%, whereas gross fixed capital formation grew by a revised 3.8%. Real Household Disposable Income (RHDI) fell by 0.2% this quarter – nominal household gross disposable income grew but was offset by quarterly household inflation; this is the fourth consecutive quarter of real negative growth in disposable income. Powered by Commodity Insights