UK GDP Rises 0.6% in Q1 but Higher Energy Prices Weigh on Outlook

UK GDP rose 0.6% in Q1, matching expectations despite a much stronger March than forecast. Goldman Sachs raised its Q2 outlook to 0.3% but warns of a slowdown in the second half of the year due to energy price pressures.

Key Takeaways

• 1.UK GDP grew by 0.6% in Q1 2026, meeting consensus expectations, but supported by a significantly stronger-than-expected March growth of 0.3% mom.
• 2.Goldman Sachs has upgraded its Q2 growth forecast to +0.3%qoq from +0.1% due to the strong momentum at the end of Q1.
• 3.Growth is expected to slow in H2 2026 as rising energy prices (oil and gas) act as a drag on output.

Table of Contents

• KEY NUMBERS
• MAIN POINTS
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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