UK economy sees modest growth in Q1 despite inflation and March slump.
TL;DR Summary
The UK economy grew by 0.1% in Q1 2023, with the construction sector expanding by 0.7% and manufacturing performance going up by 0.5%. However, there was no growth in real household expenditure due to persistent inflation. The Bank of England raised interest rates to 4.5% to combat stubbornly high prices and no longer expects the UK to enter a recession this year. The central bank forecasts the UK GDP to be flat over H1 2023, growing 0.9% by mid-2024 and 0.7% by mid-2025.
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- UK economy grows 0.1 over first quarter despite slump in March Warrington Guardian
- UK economy shrinks in March but still grows in Q1 – business live The Guardian
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