Your quarterly guide to the UK economy; making sense of the key trends and what's driving them.
Quarterly highlights:
UK GDP growth remained strong in early 2022: UK GDP grew by 0.8% in January, after falling in December amid rising Covid-19 cases. CBI survey data indicates that the pace of growth remained strong in February and March.
Ukraine crisis likely to exacerbate cost pressures: Firms are working to understand the impacts of the tragic events in Ukraine on their business. Most immediately, the crisis has led to even higher and more volatile global energy prices. Prices of key Russian/Ukrainian exports have also risen, including a range of industrial metals and foodstuffs.
Firms continue to face labour shortages: Vacancy levels continue to set new records, while a rise in inactivity is adding to labour shortages faced by firms across the economy. Higher inflation is further adding to wage pressures, with expected pay growth continuing to rise.
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