'If you smooth out the data, it's pretty flat' Victoria Clarke, UK Chief Economist at Santander CIN, talks through the 'one-off factors' of the GDP numbers in today's ONS report 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
The ONS said that the largest contributions to growth in January came from a bounce back in many sectors hit by strike action including education and transport, along with entertainment and recreation.
Director of economic statistics, Darren Morgan, said:"The economy partially bounced back from the large fall seen in December. Across the last three months as a whole and, indeed over the last 12 months, the economy has, though, showed zero growth. Recent activity data covering services and manufacturing has been a surprise - with a services reading last week coming in at its strongest level for eight months.Separate ONS data, which is not adjusted for inflation, showed on Thursday that spending on debit and credit cards was up 3 percentage points in the week to 2 March compared with the same week in 2022.
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Economy sees rebound in January helping ease renewed recession fearsBREAKING: ONS says the UK economy grew 0.3% in January Sky Business Correspondent pkelso breaks down the latest figures from the Office for National Statistics 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
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