UK GDP grew 0.3% in January

MADRID, 10 Mar.

UK GDP grew 0.3% in January


The gross domestic product (GDP) of the United Kingdom registered an expansion of 0.3% in January compared to the previous month, when it had fallen half a percentage point, as reported this Friday by the National Statistics Office (ONS for its acronym in English).

In this way, the level of activity of the second largest economy of the Old Continent in January was still 0.2% below that registered in February 2020, before the impact of the Covid-19 pandemic.

In the month of January, the services sector grew by 0.5%, after the contraction of 0.8% observed in December 2022, while production fell three tenths, compared to the expansion of 0.3% in the month previous, and the contraction fell by 1.7%, after stagnating in December of last year.

Compared to January 2022, year-on-year GDP was practically flat. For comparison, GDP fell by 0.1% between December 2021 and December 2022.

More broadly, UK GDP was flat in the three months to January 2023 compared to the three months to October 2022.

Services remained stable between November 2022 and January 2023, while production grew by 0.3% and construction fell by 0.7% in this period.