London, March 10th. The UK’s gross domestic product grew by 0.3% in January, compared to a decline of 0.5% in December, higher than expected by analysts, according to data released on Friday by the Office for National Statistics (ONS). .
The biggest boost came from the services sector, which expanded 0.5% in January after declining 0.8% in the previous month, with the largest contributions to growth coming from education, health and wellness, and arts, leisure and entertainment activities, according to the Office for National Statistics. .
Production decreased by 0.3% in January after growing by 0.3% in December 2022, while the construction sector declined by 1.7% in the first month of this year after remaining flat in December last year.
Director of Economic Statistics at the Office for National Statistics Darren Morgan noted that although “the economy partially recovered in January from the big downturn seen in December”, in the past three months and in the past 12 months, it has shown zero growth. “
Growth results released today allay fears that the UK will enter a recession in the first quarter of 2023, known on the eve of the presentation of the annual proposal for the state budget next Wednesday by Economy Minister Jeremy Hunt.
In remarks on Friday, Hunt noted that “in the face of serious global challenges, the British economy has proven to be more resilient than many expected,” although, as he noted, “there is still a long way to go.”
Labour’s finance spokeswoman, Rachel Reeves, for her part criticized that the national economy had barely progressed “inch by inch” under the Conservative government. EFE
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