Football and private healthcare help increase GDP by 0.3% in January

situs slot mania – https://slotmaniaolympus.com/;

The return of Premier League football after the World Cup helped drive growth in GDP in January, providing a pre-Budget boost to Chancellor Jeremy Hunt.   

The measure of economic output rose 0.3 per cent in the first month of the year, aided by the return of a full top-flight schedule after the end of the national team event in Qatar in December.

The service sector was the biggest single driver of growth as January’s figure beat expectations, the Office for National Statistics revealed.Analysts has predicted the economy would eke out 0.1 per cent growth in the month.

But the economy also received a boost from the crisis in the NHS. Growth in the private healthcare sector was also a significant driver as the public service struggles with a huge care backlog.

However, the backlog has had a wider impact on UK productivity, with critics warning it is hitting productivity by keeping workers off sick for longer.

December’s GDP figures were affected by several days of rail and postal strikes and also declining output in the entertainment sector.

But growth in the long term remains flat, and the January figures masked a fall in manufacturing and construction work, the  revealed. 

Chancellor said: ‘In the face of severe global challenges, the has proved more resilient than many expected, but there is a long way to go.

‘Next week, I will set out the next stage of our plan to halve inflation, reduce debt and grow the economy – so we can improve living standards for everyone.’ 

The biggest driving forces behind January’s growth came from the services sector, which grew by 0.5 per cent after falling by 0.8 per cent in December.

Other industries like education also drove up GDP as children returned to classrooms, after an unusually high number of absences in the run-up to Christmas, the ONS said.

The transport and storage sector also returned to growth as postal services partially recovered from the effect of December’s strikes. 

Labour’s shadow chancellor Rachel Reeves said: ‘Today’s results show our economy is still inching along this Tory path of managed decline.

‘People will be asking themselves whether they feel better off under the Tories, and the answer will be no.

‘But this is not a new trend.13 years of Tory failure and wasted opportunities have left growth on the floor and our economy weakened.’

The largest driver of the growth in services in January 2023 was education, which grew by 2.5 per cent following a fall of 2.6 per cent in December 2022.In January 2023, school attendance levels returned to normal levels following a significant drop in December 2022. 

Manufacturing overall fell by 0.4 per cent, with the largest drop being in pharmaceuticals. 

ONS director of economic statistics Darren Morgan said: ‘The economy partially bounced back from the large fall seen in December.

‘Across the last three months as a whole and, indeed over the last 12 months, the economy has, though, showed zero growth.

‘The main drivers of January’s growth were the return of children to classrooms, following unusually high absences in the run-up to Christmas, the Premier League clubs returned to a full schedule after the end of the World Cup and private health providers also had a strong month.

‘Postal services also partially recovered from the effects of December’s strikes.’