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UK GDP only 0.3% above pre-Covid levels

13th April 2023

Commenting on this morning’s UK GDP data Melanie Baker, Senior Economist at Royal London Asset Management, said:

“Even with no growth in February, the risk now looks limited that the UK records a negative quarter of GDP growth in Q1. However, the UK economy still faces a significant list of challenges, including higher mortgage rates, and I still expect the UK economy to slip into a modest technical recession this year at some point.

“The UK economy isn’t in the healthiest state with GDP only 0.3% above pre-Covid levels.

“Industrial action clearly played a role in the fall in services output in February. However, there were falls in output in some less obviously strike-affected sectors too.”

– ENDS –

The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.