UK economy contracts 1.5% in first quarter, but rebounds in March

Lockdown restrictions saw the UK economy contract at the start of 2021 but the hit was smaller than first feared as growth rebounded in March, according to official figures (Andrew Matthews/PA)

Lockdown restrictions saw the UK economy contract at the start of 2021 but the hit was smaller than first feared as growth rebounded in March, according to official figures.

The Office for National Statistics (ONS) revealed that gross domestic product (GDP) – a measure of the size of the economy – fell by 1.5% between January and March as lockdown took its toll.