"New figures from the Office for National Statistics (ONS) show that gross domestic product (GDP) recorded no growth in January, following a modest expansion of 0.1 per cent in December. Economists had forecast a stronger start to the year, predicting a monthly increase of around 0.2 per cent."
"On a rolling quarterly basis, the economy grew by just 0.2 per cent in the three months to January, only slightly stronger than the 0.1 per cent recorded in the previous quarter and below analysts' expectations of 0.3 per cent."
"The services sector, which accounts for roughly 80 per cent of the UK's economic output, recorded no growth during January. Production output declined by 0.1 per cent over the same period, while construction activity provided the only positive contribution, rising by 0.2 per cent."
"Economists warned that the stagnation in January leaves the economy vulnerable to external shocks, particularly the surge in global energy prices triggered by the widening conflict in the Middle East."
The UK economy recorded no growth in January, disappointing economists who predicted 0.2 per cent expansion. Quarterly growth reached only 0.2 per cent for the three months to January, below the 0.3 per cent forecast. The services sector, representing 80 per cent of economic output, showed no growth, while production declined 0.1 per cent and construction rose 0.2 per cent. Rising oil and gas prices threaten to increase inflation and reduce consumer spending. Economists warn the stagnant economy remains vulnerable to external shocks, particularly escalating Middle East tensions affecting global energy markets.
Read at Business Matters
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