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Tuesday, May 30, 2023

UK Economy Beats Expectations, Growth Up 0.3%

  • GDP grows 0.3% in January
  • This follows a decline of 0.5% in December
  • UK services sector rebounds, up 0.5%
  • Construction fell by 1.7%
  • Production fell by 0.3%

Jonathan Moyes, Head of Investment Research, Wealth Club said: 

“The UK economy continues to beat gloomy expectations. Led by the dominant services sector, GDP growth of 0.3% was stronger than the 0.1% expected. This follows stronger than expected performance in 2022. 

It may take a great deal more expectation beating data to shift the bleak expectations for the UK economy. However, a quiet, more optimistic, consensus does appear to be forming. The economic outlook is much improved, energy prices are falling sharply, China is reopening, and interest rate expectations have eased significantly. 

All eyes will now turn to Jeremy Hunt and the spring budget next week. With a chorus of voices calling for some relief from the highest tax burden in living memory, will the Treasury spend this unexpected growth windfall?.”

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