INSIGHTS
- According to estimates from the UK Office of National Statistics, the real monthly GDP decreased by 0.3% in March after registering no increase in February and a gain of 0.5% in January.
- In the first quarter of this year, the GDP grew by 0.1%.
- Manufacturing saw a 0.5% gain in Q1 while the production sector increased by 0.1%.
The Office of National Statistics (ONS), which recently reported that the economy expanded by 0.1% in the first quarter of this year, estimates that the monthly UK real gross domestic product (GDP) decreased by 0.3% in March after showing no growth in February and an increase of 0.5% in January.
After declining by 0.1 percent in February, production output increased by 0.7 percent in March, marking its biggest monthly improvement since May 2021.
Manufacturing saw a 0.5% gain in Q1 2023, driving the production sector’s 0.1% growth.
The estimated GDP deflator increased by 6.3% in Q1 over the same quarter a year prior, slowing from the 7.3% increase in Q4 2022.
By-Mansi Suryawanshi
