This morning at 07:00, the office for National Statistics published the latest GDP data for January. Highlights below. We sought the views of small business and charity owners to the following question:
- QUESTION: With interest rates rising, inflation soaring, energy and fuel prices rocketing, tax rises imminent and the tragic war in Ukraine, how confident are you are feeling as a business or charity owner right now?
GDP main points
- Gross domestic product (GDP) bounced back in January 2022, increasing by 0.8% after falling by 0.2% in December 2021, when the Omicron variant of the coronavirus (COVID-19) and Plan B restrictions had a more significant impact; GDP is now 0.8% above its pre-coronavirus level (February 2020).
- All sectors grew in January 2022, with services up 0.8%, production up 0.7% and construction up by 1.1%.
- Output in consumer-facing services grew by 1.7% in the month, mainly driven by a 6.8% increase in food and beverage activities, while all other services also saw growth on the month, by 0.6%.
- Services is now 1.3% above its pre-coronavirus (COVID-19) pandemic level, while construction is 1.4% above and production is 2.0% below. Within services, consumer-facing services are now 6.8% below their pre-coronavirus levels, while all other services are 3.4% above.