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Gloucestershire Business News

UK economy grew by 0.5 per cent in January

The UK economy grew by 0.5 per cent in January 2019, the highest single-month rise for more than two years.

Figures released by the Office of National Statistics today, showed that despite the January rise, overall growth remained "weak."

The three months to January saw a rise in GDP of just 0.2 per cent, with the manufacturing sector contracting by 0.7 per cent in that time.

Rob Smith, Head of GDP at the ONS, said: "Across the latest three months, growth remained weak with falls in manufacture of metal products, cars and construction repair work all dampening economic growth.

These were offset by strong performances in wholesale, IT and health services.

"This sluggish growth came despite the economy bouncing back from a weak December."

The services, production, manufacturing and construction sector all experienced positive month-on-month growth for January after contracting during December.

The services sector was the only positive contributor to the rolling GDP growth across the three months from November to January, recording a rise of 0.38 per cent in the period.

However, the production and construction sectors had negative contributions to growth, contracting by 0.8 per cent and 0.6 per cent respectively.

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