UK’s economy contracted by 0.1% in March but grew by 0.8% for the first quarter of 2022 as a while as the cost of living crisis increasingly hurts.
- The decline in GDP was led by a 0.2% decrease in output from Britain’s dominant services sector. Britain’s economy shrank by a historic level of 9.3% in 2020 and expanded by 7.4% in 2021, the sharpest swing in the output of any G7 economy.
- The wholesale and retail trade sectors fared worse as consumers scaled back spending, and the car sector was hurt by declining sales.
- Human health and social work activities posted the fastest growth due to an increase in GP appointments and accident and emergency care.
On a monthly basis, the overall GDP is now 1.2% above its pre-pandemic level in February 2020.
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Source: Office for National Statistics
