The British Office for National Statistics (ONS) revealed today that The British economy continued to expand in 1Q22, despite a slowdown from the last quarter of 2021 and showing signs it could stall growth in March. Due to the cost of living crisis affecting various activities
The ONS reported that Britain’s gross domestic product (GDP) rose 0.8% in the quarter. It was slower from a 1.3% rise in the fourth quarter of 2011, and less than a 1% increase in the Wall Street Journal’s economists’ forecast.
The expansion in the first quarter of 2022 was driven by a 0.6% increase in household consumption, partly offset by a big move in international trade turnover.
In March, the British economy contracted 0.1% month-on-month. signaled further weakening of the economic momentum at the end of the first quarter.
Economists predict that The British economy will continue to slow down in 2Q22, with higher risks of contraction. due to higher inflation and raising interest rates hampered economic activity and reduced consumer purchasing power.