The economy is projected to shrink by 0.4% in the first quarter of 2023

Real GDP growth, by quarter

March 2022 forecast

November 2022 forecast

March 2023 forecast

10%

Projection

5

0

-5

-10

-15

-20

-25

2018

2020

2022

2024

2026

2028

March 2023 forecast

March 2022 forecast

November 2022 forecast

10%

Projection

5

0

-5

-10

-15

-20

-25

2018

2020

2022

2024

2026

2028

Guardian graphic. Source: OBR. March 2023 Economic and fiscal outlook