UK GDP grows by 0.3% in January

Better than expected growth

UK GDP grew by 0.3% in January, after falling 0.5% in December 2022, according to the Office for National Statistics.

The stronger-than-expected GDP numbers were boosted by the growth of the service sector at 0.5%, after falling by 0.8% the month before, ONS data showed. Meanwhile, consumer-facing services grew by 0.3% in January, compared to a fall of 1.2% in December, while production output fell 0.3%, versus a growth of 0.3% the month before. Central bank chiefs toughen rhetoric against inflation The data comes ahead of next week's Spring Budget where Chancellor of the Exchequer Jeremy Hunt said he would "set out the next stage of our plan to halve inflation, reduce debt and grow the economy - ...