UK GDP grows more than initially estimated in Q1

The UK economy grew more than initially estimated in the first quarter, according to figures released on Friday by the Office for National Statistics.

GDP rose by 0.3% between January and March, up from the 0.1% growth previously estimated. This means that GDP is now estimated to be 1.8% above pre- pandemic 2019 levels.

ONS chief economist Grant Fitzner said: "Today’s latest figures show the GDP growth rate is almost unrevised over the last 18 months.

"Our new estimates indicate a stronger performance for professional and scientific businesses due to improved data sources.

"Meanwhile, healthcare grew less because of new near real-time information showing the cost of delivering services."

GDP growth for 2022 as a whole was also revised up, to 4.3% from a first estimate of 4.1%, while second-quarter growth was unrevised at 0.2%.

Ruth Gregory, deputy chief UK economist at Capital Economics, said: "Overall, today’s release changes very little. The data leaves the economy still only 0.6% above its level a year ago. It does not change the big picture that the economy has lagged behind all other G7 countries aside from Germany and France since the pandemic. And that’s before the full drag from higher interest rates has been felt."