(ONS) The gross domestic product in the UK declined by 0.1% in March as weaknesses persisted following a no-growth status in February.
The main contributor of the GDP slowdowns in March was services, which saw a decline of 0.2%. The services decline was led by a significant 15.1% fall in wholesale and retail trade, as well as repair of motor vehicles and motorcycles.
Consumer-facing services saw a 1.8% drop in March, erasing a growth of 0.5% in February. Non-consumer facing services improved by 0.2%, after shedding 0.1% in February.
Industrial production also dragged down the gross domestic product after falling by 0.2% in March. The decline was partially offset by 1.7% growth in construction.
UK GDP still maintained 1.2% above the pre-pandemic February levels. Services are 1.5% above as construction maintains 3.7% higher. Production is still 1.6% below the pre-pandemic level.
FTSE 100 is down -2.41%, GBPUSD is down -0.33%.
