12 May 2022
UK economy unexpectedly shrinks in March, Expanded 0.8% in Q1
The Index Today
Official figures showed on Thursday that the Britain's economy shrank by 0.1% in March but expanded by 0.8% in the first quarter of 2022.
Economists polled by Reuters had on average expected gross domestic product (GDP) to be flat in March and to have grown 1.0% over the first three months of this year, compared with the final quarter of 2021.
The fall in GDP was led by a 0.2% fall in output from Britain's dominant services sector. Britain's economy shrank by a historic 9.3% in 2020 and grew by 7.4% in 2021, the sharpest swing in output of any G7 economy during the COVID-19 pandemic, Reuters reported.
Overall GDP, on a monthly basis is now 1.2% above its pre-COVID level in February 2020.