- Prior +1.3%
- GDP +6.4% vs +9.0% y/y expected
- Prior +6.6%
Services output were seen 0.4% up, though overall activity was slightly tempered with by the drop in March. The Russia-Ukraine conflict has led to surging inflation pressures and that hasn't helped one bit with consumption and the brewing cost-of-living crisis in the UK. That will be a major headwind for the economy in the months to follow.
Overall, the level of GDP in Q1 2022 is now 0.7% above its pre-pandemic level i.e. Q4 2019. The monthly estimates for Q1 reveal a 0.7% increase in GDP in January, flat growth in February, and a 0.1% fall in March.
