Daily Management Review

UK GDP up 8.7% in first quarter


UK GDP in the first quarter of 2022, according to preliminary estimates, grew by 8.7% year-on-year and by 0.8% quarter-on-quarter, according to the country's national statistics office.

Analysts surveyed by DailyFX believed that the figure grew by 9% in annual terms and by 1% in quarterly terms.

It is noted that the country's GDP is now 0.7% higher than it was before the pandemic in the fourth quarter (October to December) of 2019.

Growth in the services sector, which forms the backbone of the UK economy, was 0.4% quarter-on-quarter and 9.9% year-on-year in the first quarter of 2022. The construction sector grew by 1.7% quarter-on-quarter and 7.3% year-on-year.

UK industrial production in March was down 0.2% on February, the report added. Analysts expected the figure to rise 0.1% on a month-on-month basis.

source: ft.com