2023-06-30 03:21:11 ET
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UK GDP grew by 0.2% during Q1 2023, the weakest pace of expansion in two years, as rising borrowing costs and stubbornly high inflation impacted activity and demand.
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Household consumption and gross fixed capital formation rose by 0.2% and 1.5%, respectively.
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Both measures increased the least since the 2020-21 pandemic-induced recession. Additionally, government spending contracted for a fourth straight quarter (-2.2%).
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Net external demand contributed positively to the GDP as exports rose 6.6%, and imports fell 6.5%.
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Britain's quarterly economic growth was confirmed at 0.1% for Q1 2023, remaining unchanged from the previous three-month period.
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Currency GBP:USD
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ETFs: ( FXB ), ( EWU ), ( FKU ), ( EWUS ), ( HEWU ), ( FLGB ).
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UK GDP shows 0.2% Y/Y growth in Q1, weakest in two years