UK GDP only 0.3% above pre-covid levels

Published  13 April 2023
   1 min read

Commenting on this morning’s UK GDP data Melanie Baker, senior economist at Royal London Asset Management, said:

"Even with no growth in February, the risk now looks limited that the UK records a negative quarter of GDP growth in Q1. However, the UK economy still faces a significant list of challenges, including higher mortgage rates, and I still expect the UK economy to slip into a modest technical recession this year at some point.

"The UK economy isn’t in the healthiest state with GDP only 0.3% above pre-covid levels.

"Industrial action clearly played a role in the fall in services output in February. However, there were falls in output in some less obviously strike-affected sectors too."

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Established in 1988, Royal London Asset Management is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.

Royal London Asset Management manages £162 billion of assets as at 31 December 2023. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.

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