UK economy flatlines in first quarter30 Jun 2023 07:43
The economy eked out growth of 0.1% in the first quarter, according to figures from the Office for National Statistics.
The figure was unrevised and in line with City forecasts.
The services sector grew by 0.1% on the quarter driven by increases in information and communication, and administrative and support service activities; elsewhere, the construction sector grew by a revised 0.4% (previously 0.7%), while the production sector grew by 0.1%, with a revised 0.6% growth in manufacturing (previously 0.5%).
The household saving ratio is 8.7% in the latest quarter down from 9.3% in the fourth quarter of 2022.
Real households' disposable income fell by 0.8% following positive growth of 1.3% in the previous quarter.
Households experienced simultaneous withdrawals from their deposit accounts and negative secured loans for the first time ever.