March GDP data surpasses expectations, driven by stronger services and manufacturing output amid prior downward revisions.
The UK economy expanded by 0.3% in March, exceeding the -0.2% monthly decline forecast by economists. The growth was led by a 0.3% rise in services output, reversing expectations of a 0.1% contraction, while manufacturing surged 1.2% against a flat consensus.
February’s GDP growth was revised downward to 0.4% from 0.5%. Industrial output fell 0.2%, slightly better than the -0.3% estimate, while construction output jumped 1.5%, defying expectations of a 0.5% decline. Prior construction growth was also revised lower to 0.5%.
The data suggests resilience in key sectors despite broader economic headwinds, though revisions highlight lingering volatility.