The UK economy shrank by 0.3% in March

The economy of UK It contracted 0.3% in March compared to the same month in 2022. Despite the decline, there was a 0.1% growth in the first quarter of this year compared to the last 3 months of 2022. Information Published this Friday (May 12, 2023) by the ONS (Office for National Statistics).

According to the agency, the services sector fell 0.5% in March.A major contributor to the fall in GDP [Produto Interno Bruto] Monthly”.

Among the sub-sectors, the biggest declines were in wholesale and retail trade and auto repair. There was growth in the arts, entertainment and entertainment sub-sector and real estate activities.

Manufacturing grew 0.7% in March, the highest monthly growth since May 2021. On the other hand, construction advanced 0.2%.

UK inflation was 10% in March. Thursday (May 11), the Bank of England Raised The 4.5% rate was the highest since October 2008, when the US financial crisis erupted. Deputy Principals. The increase was 0.25 percentage points, the 12th in a row. The interest rate hike cycle began in December 2021, when the rate was 0.1%.

British Chancellor of the Exchequer Jeremy Hunt he said Data released this Friday (May 12) showed the economy growing rapidly “More than anyone thought“, but it is required by the Govt.”Focus on competitive taxes, labor supply and productivity”.