In Q1 2022, activity in the United Kingdom slowed (+0.8% after +1.3%, ►Figure 1). However, this slowdown masked some signifi cant movements, partly of a statistical nature, in foreign trade (soaring imports and a sharp downturn in exports)1 and changes in inventories (strongly positive contribution to change in GDP). Meanwhile, domestic demand excluding inventories increased at a similar pace to that at the end of 2021, with relatively few health restrictions in place. Household consumption, the main driver of growth in 2021, grew moderately, as in the previous quarter. Corporate investment fell back slightly in a context marked, among other things, by supply chain diffi culties, and is still well below its 2019 average (–8.7%). Conversely, government investment in construction surged (+24%), resulting in a positive contribution by investment to GDP growth. Government consumption declined, however, as a result of the drop in health spending on Covid-19 (tests and vaccinations)...