Preliminary estimates from the UK Office for National Statistics showed that UK gross domestic product (GDP) grew by 0.2% month-on-month in March, compared to 0.5% growth in February. This was better than expected, with the services sector primarily benefiting from growth.
On a quarterly basis, the UK economy grew by 0.7% in the first quarter of the year ending in March, compared to 0.1% growth in the fourth quarter of last year, boosted by growth in the services sector.
The services sector, which accounts for more than 70% of the UK economy, grew by 0.4% monthly in March, following a 0.3% growth in February. It was the largest contributor to GDP growth in March, while the index grew by 0.7% in the first quarter. In contrast, industrial production fell by 0.7% in March, but grew by 1.1% in the first quarter. The construction sector grew by 0.5% in March and showed no growth in the first quarter.