Dear visitor,
You're reading 1 of your 3 free news articles this quarter
Register with us for free to get unlimited news, dedicated newsletters, and access to 5 exclusive Premium articles designed to help you stay in the know.
Join the UK's leading credit and lending community in less than 60 seconds.
Quarterly GDP jumps marginally
UK gross domestic product (GDP) increased by 0.1% in the first quarter of 2023, according to the Office of National Statistics’ latest figures.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
This left the economy 0.2% larger than a year earlier as higher inflation and tightening in financial markets conditions leading to a slowdown in the UK economy in recent quarters. The implied price of GDP, meanwhile, increased by 6.5% – primarily reflecting the highest price of household consumption expenditure.
In contrast, the UK had a current account deficit of 1.7% of GDP where there has been some narrowing in the goods trade deficit recently. This has been driven by the increase in food and energy import prices – with the UK being a net importer both – contributing to the fall in the UK terms-of-trade and the widening of the underlying goods trade deficit.
There’s also been some narrowing in the goods trade deficit recently, particularly in other fuels, reflecting the fall in the price of natural gas from the highs of the middle of last year.
Stay up-to-date with the latest articles from the Credit Strategy team
ENJOY READING?
Member of
Get the latest industry news
Permission Statement
