UK GDP only 0.3% above pre-covid levels
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.
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