UK Q1 GDP unchanged at 0.1% - ONS
By Frank Prenesti
Date: Friday 30 Jun 2023
(Sharecast News) - The UK economy grew by only 0.1% in the first quarter of the year, confirming an initial estimate published in May, the Office for National Statistics (ONS) said on Friday.
GDP in the first quarter of 2023 was 0.5% smaller than it was in the final quarter of pre-Covid pandemic, also in line with a prior estimate, the ONS added.
It also found signs that households have been using savings to support spending, with the overall savings ratio having dipped to 8.7% in the first quarter, from 9.3% at the end of last year. The UK now has the second lowest savings ratio in the G7, the ONS said.
Savers also withdrew deposits from bank accounts at a record pace at the start of the year and chose alternatives offering better interest rates such as National Savings and Investment accounts.
Reporting by Frank Prenesti for Sharecast.com
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