Post by thomas on May 12, 2023 8:12:59 GMT
UK economy shrank 0.3% in March, ONS figures show
The UK economy grew slightly in the first three months of the year, according to official figures - but contracted in March.
Growth of 0.1% was recorded by the Office of National Statistics (ONS) in the three months up to March, the lowest amount possible to still be classed as growth as IT and construction sector activity offset the impact of strikes.
However, the economy shrank 0.3% in March as retail and car sales fell sharply, and public sector strikes were more disruptive than February as NHS staff and teachers took to picket lines.
Contraction also came thanks to a 0.5% fall in services production. Distribution and retail also had a poor month as cost of living pressures hit consumers.
Economic research firm Pantheon Macro has pointed out the UK is falling below the G7 group of the world's largest economies.
Growth of 0.1% was recorded by the Office of National Statistics (ONS) in the three months up to March, the lowest amount possible to still be classed as growth as IT and construction sector activity offset the impact of strikes.
However, the economy shrank 0.3% in March as retail and car sales fell sharply, and public sector strikes were more disruptive than February as NHS staff and teachers took to picket lines.
Contraction also came thanks to a 0.5% fall in services production. Distribution and retail also had a poor month as cost of living pressures hit consumers.
Economic research firm Pantheon Macro has pointed out the UK is falling below the G7 group of the world's largest economies.
