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UK Economy Stalls in January, Missing Growth Expectations
Investing.com - The UK economy did not grow in January, with official data showing the economy stagnated that month, underperforming expectations.
The UK Office for National Statistics reported that the monthly GDP growth rate in January was 0.0%, unchanged from the previous value, falling short of the expected 0.2% increase.
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For the three-month period ending in January, the UK economy grew by 0.2%, below the 0.3% increase forecasted by economists in a Reuters survey.
Year-over-year, January GDP increased by 0.8%, slightly below the 0.9% predicted by economists.
The construction sector showed mixed results, with output rising 0.2% month-over-month in January, better than the expected zero growth. However, construction output declined 0.2% year-over-year, larger than the anticipated 0.1% decrease.
The UK goods trade deficit was revised from -£22.724 billion in December to -£14.449 billion in January. The January data was better than the -£22.200 billion forecasted by Reuters.
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