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MNI BRIEF: UK GDP Sees Modest Jan Bounce As Shoppers Return

(MNI) London

UK GDP recovered some ground in January, helped by a strong recovery in retail sales, the Office for National Statistics said Wednesday, with data largely confirming Bank of England expectations..

GDP grew 0.2%, bouncing back from a 0.1% decline in December that helped tip the UK into a technical recession in the second half of the year, however, the ONS noted "over the last three months as a whole, the economy contracted slightly.”

“The economy picked up in January with strong growth in retail and wholesaling. Construction also performed well with housebuilders having a good month, having been subdued for much of the last year, ONS Director of Economics Statistics Liz McKeown said.

The data will do little to shift the needle for Bank of England policymakers, as it continues to fit with projections of an economy still stuck in a narrow growth range just above zero for much of this year. (see MNI INTERVIEW: Bright Spots In UK Growth Outlook-ONS's Fitzner)

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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