UK economy grows by 0.1 percent in latest figures

Britain's economy grew by 0.1 percent in the latest monthly data released by the Office for National Statistics (ONS), showing the economy is continuing to expand but at a sluggish pace that fell short of what economists had forecast.

Sector performance

Services sector growth was the main driver of the modest expansion, while manufacturing output remained flat. The construction sector saw a slight contraction. The data suggests the UK economy continues to face headwinds from higher interest rates and subdued consumer demand.

Economic outlook

The Chancellor and Treasury officials noted that the figures demonstrate economic resilience. The Bank of England is watching the data closely as it considers whether to make further adjustments to interest rates amid ongoing concerns about inflation and growth.