Britain’s Economy Ekes Out Growth in First Quarter

15 May 2023

The British economy expanded 0.1% on quarter in the first three months of 2023, the same as in Q4 2022, and matching market forecasts. The services sector grew 0.1%, led by information and communication (1.2%), and administrative and support service activities (1.3%). Also, the construction sector grew by 0.7% and manufacturing 0.5%, led by basic metals and the manufacture of computer, electronic and optical products. On the other hand, there were decreases in education (-0.7%), health (-0.5%), public administration and defence (-0.7%), and transport and storage (-1%). On the consumption side, household spending showed no growth on the quarter as incomes continue to be squeezed by high inflation, while there was a positive contribution from gross fixed capital formation (1.3%), namely business and government investment. Also, public expenditure went down 2.5%, exports fell 8.1% and imports 7.2%. Britain's economy remained 0.5% smaller than before the coronavirus pandemic.
Source: Trading Economics
Post by: Republic of Türkiye Ministry of Trade