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UK March GDP Up 0.3%, Beats Forecast; Slump Looms

5/15/2026

41 3 Full Breakdown

Summary

UK GDP Rises

The Office for National Statistics reported UK GDP grew 0.3% in March 2026, a 0.6% quarterly rise above the 0.5% forecast, while services, manufacturing and construction added 0.8%, 0.8% and 0.4% growth respectively.
RSM chief economist Thomas Pugh said the first-quarter gain represents almost all UK growth in 2026.
Institute of Chartered Accountants chief economist Suren Thiru warned output could halve in the second quarter of 2026.

Summary

UK Inflation Rises

Inflation rose from 3% to 3.3% in March after fuel prices spiked following the Iran war.
The Bank of England warned inflation may push rates up as KPMG economist Yael Selfin said growth will slow in Q2 because of rising costs and weaker demand.
Fergus Jimenez-England of Institute of Economic and Social Research noted falling job vacancies and accelerating inflation, with April’s PMI rising to show manufacturing and services activity.

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UK GDP Rises

The Office for National Statistics reported UK GDP grew 0.3% in March 2026, a 0.6% quarterly rise above the 0.5% forecast, while services, manufacturing and construction added 0.8%, 0.8% and 0.4% growth respectively.
RSM chief economist Thomas Pugh said the first-quarter gain represents almost all UK growth in 2026.
Institute of Chartered Accountants chief economist Suren Thiru warned output could halve in the second quarter of 2026.

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