Source: Office for National Statistics
Economic growth in the United Kingdom contracted in March, dragged mainly by the services sector. EWU is down 0.72%, while VGK is down 2.23% premarket.
- The gross domestic product (GDP) slipped by 0.1% in March, following the flat performance recorded in February.
- Services contributed the most to the decline, reflecting a 0.2% drop amid lower wholesale and retail trade and repair of motor vehicles and motorcycles.
- Production declined by 0.2%, but this was partly offset by construction which increased by 1.7%.
- The output of consumer-facing services declined by 1.8% after the 0.5% expansion in February. Non-consumer facing services grew by 0.2%.
- The latest monthly GDP is now 1.2% higher than the pre-pandemic level seen in February, along with services and construction.