UK's monthly real GDP on YoY basis remains flat in Jan 2023

13 Mar '23

2 min read

Pic: Shutterstock/ Chantal H

UK’s monthly real gross domestic product (GDP) was broadly flat in January 2023 on a year-on-year (YoY) basis, while it is estimated to have increased by 0.3 per cent in January 2023 following a fall of 0.5 per cent in December 2022. The country’s monthly GDP is now estimated to be 0.2 per cent below its pre-coronavirus levels from February 2020.

Looking more broadly, GDP was flat in the three months to January 2023 when compared with the three months to October 2022. Production grew by 0.3 per cent in this period, according to the Office for National Statistics (ONS).

Production output fell by 0.3 per cent in January 2023, after growth of 0.3 per cent in December 2022. The sector saw falls in two of its four subsectors, with manufacturing being the largest contributor to the production sector’s negative growth.

Manufacturing was the largest negative contributor, falling by 0.4 per cent in the month. Moreover, manufacturing saw declines in seven of its 13 subsectors. Falls were seen in sectors including the manufacture of machinery and equipment, which was down by 1.6 per cent.

Manufacture of chemical and chemical products was the largest positive contributor, up at 2.2 per cent. There was also growth in the manufacture of textiles, wearing apparel, and leather products—up by 1.2 per cent.

Fibre2Fashion News Desk (NB)

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