UK growth slows to 0.8% in Q1

First modification: 12/05/2022 – 09:38

London (AFP) – Britain’s economic growth slowed in the first quarter from the last three months of 2021, according to official data released on Thursday, as the country grapples with runaway inflation.

The economy grew 0.8% in the January-March period, compared to 1.3% in the fourth quarter of 2021, according to the British Office for National Statistics (ONS).

After posting favorable numbers in January, the British economy posted zero growth in February and shrank 0.1% in March, according to ONS data.

The Bank of England warned last week that the country is at risk of falling into recession, with inflation expected this year to exceed 10%, the highest in four decades.

Consumer prices have soared around the world due to supply difficulties as a result of the confinements due to the covid-19 pandemic and due to the effects of the war in Ukraine, which made energy more expensive.