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The UK economy grew slightly faster than expected at the beginning of 2023, according to the Office for National Statistics on Friday.
Gross domestic product grew by 0.3% in January, according to an ONS estimate, having shrunk by 0.5% in December.
FXStreet-cited market consensus had expected a 0.1% rise in GDP.
‘Looking at the broader picture, GDP was flat in the three months to January 2023 when compared with the three months to October 2022,’ ONS said.
The growth was led by the services sector, which grew by 0.5% during January, after a 0.8% fall in December.
‘The largest contributions to growth in January 2023 [came] from education, transport and storage, human health activities, and arts, entertainment and recreation activities, all of which have rebounded after falls in December,’ the statistical body explained.
The construction sector contracted by 1.7% in January, having been flat in December. Production output fell by 0.3%, having risen 0.3% the month before.
‘Monthly GDP was broadly flat in January 2023 compared with the same month last year. For comparison, monthly GDP fell by 0.1% between December 2021 and December 2022,’ ONS added.
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