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Financial News: UK GDP Recovers In January

UK GDP Recovers In January

03/13/2024 - 03:44:00 (RTTNews)

(RTTNews) - The UK economy rebounded in January driven by services and construction output, the Office for National Statistics reported Wednesday.

Gross domestic product posted an expansion of 0.2 percent in January, reversing a 0.1 percent fall in December. The rate came in line with expectations.

The service sector was the largest contributor to the expansion. Services output rebounded 0.2 percent after a 0.1 percent fall. Construction output also recovered in January, up 1.1 percent, reversing a drop of 0.5 percent.

By contrast, production output decreased 0.2 percent after a growth of 0.6 percent in December.

On a yearly basis, GDP fell 0.3 percent in January as expected.

In three months to January, real GDP fell 0.1 percent from the preceding three months. Looking over the longer term, GDP slid 0.2 percent compared with the three months to January 2023.

Another data from the ONS showed that the visible trade deficit widened to GBP 14.5 billion in January from GBP 13.99 billion in December. The total trade gap widened to GBP 3.13 billion from GBP 2.6 billion a month ago.

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