Economy is growing

THE UK economy grew in January by 0.3 per cent according to figures released on Friday March 10, as the country manages to elude the forecast recession brought on by the pandemic and war in Europe.

Economists polled by Reuters had projected a 0.1 per cent monthly increase in GDP. GDP was flat over the three months to the end of January, the Office for National Statistics said.

“The services sector grew by 0.5 per cent in January 2023, after falling by 0.8 per cent in Decem ­

49.58%

ber 2022, with the largest contributions to growth in January 2023 coming from education, transport and storage, human health activities, and arts, entertainment and recreation activities, all of which have rebounded after falls in December 2022,” the ONS found.

Production output fell by 0.3 per cent in January after growing 0.3 per cent in December, while the construction sector dropped 1.7 per cent in January after flatlining the previous month.

Both the Bank of England and the Office for Budget Responsibility have forecast a five­quarter recession beginning in the first quarter of 2023, but the data has so far exceeded expectations.