the uk economy grew marginally in the first quarter of 2023 matching previous estimates as a costofliving crisis impacted by high inflation and rising interest rates weighed on economic activity gross domestic product grew 01 from january to march compared with the previous threemonth period the same as the fourth quarter of 2022 and in preliminary estimates according to data from the office for national statistics released friday economists polled by the wall street journal also expected growth of 01 it meant quarterly gdp in the first quarter was 05 smaller than at its prepandemic level in the final three months of 2019 the ons said among g7 nations only germany also trails its prepandemic level since the end of the first quarter ons data already said the uk economy grew 02 on month in april gdp is expected to grow 02 in 2023 according to a poll of economists by factset b but economic activity is expected to be hampered further after the bank of england raised rates to 5 at its most recent meeting in an attempt to put a lid on inflation that runs higher than many peer nations in a separate release the ons said the uks currentaccount deficit widened to 108 billion pounds 136 billion in the first quarter from a gbp25 billion deficit in the fourth quarter of 2022