Preliminary estimates from the UK’s Office for National Statistics show that the UK’s gross domestic product (GDP) rose by 0.6% in the three months to March, following growth of 0.5% in the three months to February. On a monthly basis, it grew by 0.3% in March, after a revised 0.4% increase in February. This contrasts with expectations of a 0.1% contraction.

The services sector, which accounts for more than 70% of the UK economy, grew by 0.8% in the three months to March, compared to 0.3% growth in February. The construction sector grew by 1.5% in March, after falling by 2.0% in the three months to January. Production output fell by 0.2% in March, after rising by 0.4% in the three months to March.