GDP down 0.3% in March

The economy contracted by 0.3% in March, but saw some growth overall in the first quarter, according to the Office for National Statistics (ONS)

GDP fell by 0.3% in March after showing no growth in February 2023 with the services sector the largest contributor to the fall in monthly GDP, down by 0.5% in March, after a contraction of 0.1% the previous month.

With falls in nine of the 14 sub-sectors, wholesale and retail trade saw the steepest drop, followed by information and communication, administrative and support activities, and transportation and storage.

The UK accounting industry accounted for £4.3bn of revenues in March 2023, the highest on record and up 16.6% compared to the previous month.

The total UK services sector (including accounting) had a turnover of £247.3bn in March, up 16.5% from February 2023.

Looking at the broader picture, GDP grew by 0.1% in the three months to March 2023.