Economy

UK economy expands less than expected in Q1

GDP grows 0.8% in January-March period, falls 0.1% in March

Gokhan Ergocun   | 12.05.2022
UK economy expands less than expected in Q1

ISTANBUL 

The British economy enlarged by 0.8% in the first quarter of this year, lower than the expected 1% growth.

The gross domestic product (GDP) saw a contraction of 0.1% in March, according to official estimates released on Thursday.

The GDP rose by 0.7% in January, followed by no growth in February.

On a yearly basis, Britain’s economy expanded by 8.7% during the January-March period.

“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,” the UK’s statistics office said.


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