The UK financial system expanded within the first quarter as exercise confirmed better resilience than forecast earlier within the 12 months, whilst output contracted greater than anticipated in March.

Gross home output, or GDP, rose by 0.1 per cent between the final quarter of 2022 and the primary three months of this 12 months, unchanged from the earlier quarter, in response to information revealed by the Workplace for Nationwide Statistics on Friday.

On Thursday, the Financial institution of England mentioned it anticipated the financial system to stagnate in each the primary and second quarters with development accelerating in the remainder of the 12 months.

ONS information confirmed that the quarterly charge was boosted by development in January, revised as much as 0.5 per cent, whereas output fell by 0.3 per cent between February and March, as falling providers output weighed on development.