Gross Domestic Product (GDP): Key Economic Indicators

GDP was flat in November 2022-January 2023 compared to the previous three-month period (August-October) and grew by 0.3% in January 2023 compared to December 2022. This followed a fall of 0.5% in December. January GDP remained 0.2% below pre-pandemic levels in February 2020.

The services sector grew by 0.5% in January, but construction fell by 1.7% and production fell by 0.3%.

In the latest calendar quarter (October-December 2022), GDP was flat.

In cash terms, GDP was £2,482 billion in 2022.

Forecasts

In their March 2023 Economic and fiscal outlook, the Office for Budget Responsibility’s (OBR) forecast was -0.2% in 2023 and 1.8% in 2024.

The Treasury’s March 2023 survey of independent forecasts showed an average forecast of -0.5% for 2023 and 0.8% for 2024.