UK Economy Shrinks In March, Grows In Q1

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The UK economy grew slightly in the first quarter of the year, said official data. This eases worries that the UK could fall into a recession.

The GDP of the UK went up by 0.1%. The ONS said this. It happened between January and March.

The percentage dropped by 0.3% in March, and now it's increasing. The decrease in March was because of the retail and wholesale industries, and healthcare was affected by a strike.

In March, growth was predicted to be flat by economists. The first quarter of 2023 saw a 0.1% increase, as predicted.

The ONS director, Darren Morgan, said the UK economy shrank in March. However, the GDP grew over the first quarter on the whole.

In March, there was a drop because the services sector decreased. It affected many areas.

New number plates did not improve car sales, which remained historically low due to the ongoing pandemic. Warehousing, distribution, and retail also struggled during the month.