UK economy showed modest growth in January, ONS

The UK economy grew by 0.3% in January 2023, after falling by 0.5% in December 2022, according to estimates by the Office for National Statistics (ONS).

This leaves monthly GDP some 0.2% below pre-coronavirus levels.

January saw the services sector grew by 0.5% in January 2023, with the largest contributions coming from education, transport and storage, human health activities, and arts, entertainment and recreation activities, all of which rebounded after falling in December 2022.

Consumer-facing services grew by 0.3%, while production output fell by 0.3%.

However, the construction sector fell by 1.7% in January 2023.

Looking more broadly, GDP was flat in the three months to January 2023 when compared with the three months to October 2022.

Services was flat in the three months to January 2023, while production grew by 0.3% and construction fell by 0.7% in this period.

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