UK GDP estimated to have increased by 0.8% in Q1 2022: ONS

16 May '22

1 min read

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UK gross domestic product (GDP) is estimated to have increased by 0.8 per cent in the first quarter (Q1) of 2022, and by 8.7 per cent compared with Q1 2021. Monthly GDP estimates show GDP fell by 0.1 per cent in March, following growth of 0.7 per cent in January and no growth in February. The level of quarterly GDP in Q1 2022 is now 0.7 per cent above its Q4 2019 figure.

In output terms, services increased by 0.4 per cent with the largest contributors from information and communication, accommodation and food, and transportation and storage industries, while there was a decline in wholesale and retail.

In Q1 2022, there was a 0.6 per cent increase in household consumption partially offset by large movements in international trade flows, a press release from the Office of National Statistics (ONS) said.

Output in consumer-facing services fell by 1.8 per cent in March this year, following a 0.5 per cent growth in February; non-consumer facing services grew by 0.2 per cent on the month following a 0.1 per cent fall in February.

Monthly GDP is now 1.2 per cent above the February 2020 level.

ALCHEMPro News Desk (DS)

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