TOP NEWS: UK economy grew 0.1% in first quarter of 2023, 0.2% annually

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The UK economy grew marginally at the beginning of 2023, official numbers released on Friday confirmed.

The Office for National Statistics confirmed UK gross domestic product grew by 0.1% in the first three months of 2023 from the final quarter of last year. GDP also had grown by 0.1% in the fourth quarter of 2022 from the third.

Services grew by an unrevised 0.1% in the quarter, ‘driven by increases in information and communication, and administrative and support service activities’, ONS said. The UK production sector also was confirmed to have grown 0.1%.

Construction sector growth was revised down to 0.4% from 0.7% previously, and manufacturing growth was revised up to 0.6% from 0.5%.

Year-on-year, GDP grew by 0.2% in the first quarter, ONS confirmed. It had expanded 0.6% year-on-year in the fourth quarter of 2022.

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