Preliminary figures from the United Kingdom’s National Statistics Office (ONS) showed that the Queen’s gross domestic product (GDP) in the first quarter ending in March increased by 0.8%, less than expectations of a growth of about 1%, with an adjustment to the growth of the fourth quarter of last year, rising to 1.3%. The economy grew by 8.7% on an annual basis compared to the first quarter of 2021.

In terms of production, the growth in the services sector rose by 0.4% as the largest contributor to the growth of GDP, as the largest contributions came from the sectors of information, communications, accommodation, food, transportation and storage, in contrast to a decline in the wholesale and retail trade sectors.

The British pound, in turn, continues to trade at its lowest level since May 2020, trading at 1.2195 levels this Thursday morning.