UK economy came down in March and increased 0.8% in the first quarter

UK economy came down in March and increased 08 in the first quarter

May 16, 2022: -Britain’s economy came down to 0.1% in March but grew by 0.8% for the first quarter of 2022, official figures showed on Thursday in what is likely to have been a high point for 2022 as the cost-of-living crisis increasingly bites.

Economists polled by Reuters had an expected gross domestic product (GDP) to be flat in March and have increased 1.0% by March this year, compared with the last few months of 2021.

The decrease in GDP was led by a 0.2% loss in output from Britain’s dominant services sector.

Britain’s economy plunged by a historic 9.3% in 2020 and surged by 7.4% in 2021, the sharpest swing in the output of any G7 economy in the Covid-19 pandemic.

Every month, the overall GDP was 1.2% above its pre-COVID level in February 2020.

Although, economists see Britain at a growing risk of slipping back into recession as the war in Ukraine exacerbates already existing post-pandemic pressures, which the Bank of England has forecasted will push inflation to more than 10% by the year-end.

The government of Boris Johnson is under political pressure to provide support to households to tackle soaring bills for energy and different essentials, which can cause a near-record decrease in consumer sentiment.

On Wednesday, Britain’s National Institute of Economic and Social Research (NIESR), a think tank, forecast that British GDP would come down in this year’s third and fourth quarters, meeting the technical definition of a recession.

The International Monetary Fund is predicting that Britain would see the not so prominent growth and highest inflation of any major advanced economy in the previous month.

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UK economy came down in March and increased 0.8% in the first quarter
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UK economy came down in March and increased 0.8% in the first quarter
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Britain’s economy came down to 0.1% in March but grew by 0.8% for the first quarter of 2022, official figures showed on Thursday
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