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The UK economy grew in line with expectations at the start of the year, following a decline to round off 2023, numbers on Wednesday showed.
According to the Office for National Statistics, UK gross domestic product expanded 0.2% on-month in January, in line with FXStreet cited consensus. UK GDP had shrunk 0.1% in December from November.
However, the ONS said that for the three months to January, the economy declined 0.1% compared to the three months to October.
Numbers last month had showed the UK economy slipped into recession in the three months to December.
UK gross domestic product slumped 0.3% in the fourth quarter of 2023 from the third quarter, according to figures from the ONS. The UK economy already had declined 0.1% in the third quarter from the second.
The ONS said that in January, industrial production declined 0.2% from December. It had been expected to be unchanged, according to FXStreet cited consensus. Production grew 0.6% in December from November.
On an annual basis, industrial production was 0.5% higher in January, though that fell short of the FXStreet cited consensus which forecast a 0.7% rise, as well as December’s 0.6% year-on-year climb.
Finally, data showed the UK trade deficit stretched to £3.13 billion in January, from £2.60 billion in December.
Imports rose 1.4% to £72.39 billion from £71.36 billion a month earlier. Exports rose at a slower month-on-month pace of 0.7% to £69.26 billion from £68.76 billion.
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