UK economy recovers more than expected as services pick up

The UK economy rebounded more than expected in January, buoyed by growth in the services sector, according to official statistics to be released ahead of the budget next week.

Gross domestic product rose 0.3 percent between December and January after contracting the previous month, the Bureau for National Statistics said on Friday.

That was higher than the 0.1 percent growth forecast by economists polled by Reuters.

The service sector rose 0.5 percent, driven by education, transportation and storage, and human health activities.

However, output was still 0.2 percent below its February 2020 level and unchanged from January 2022, reflecting the negative impact of high inflation and rising interest rates on household finances.

The numbers were released ahead of Chancellor Jeremy Hunt’s first budget on March 15.

Real GDP line chart, 2019=100, UK GDP is expected to have increased by 0.3 percent in January UK economy recovers more than expected as services pick up

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