UK economy grew more than first estimated in early 2024

The UK economy grew by more than initially estimated in the first three months of 2024 as the country emerged from recession, revised official figures show.

 

Between January and March, the economy grew by 0.7% the Office for National Statistics (ONS) said.

 

Figures released last month initially estimated growth had been 0.6%.

 

The strength of the economy has been a central battleground in the general election campaign, with growth having been sluggish in recent years.

 

Most economists, politicians and businesses want to see GDP rising steadily, because it usually means people are spending more, extra jobs are created, more tax is paid to the government and workers get better pay rises.

 

The original figure for the first quarter of the year was stronger than economists had expected, and growth in the services sector, which includes businesses such as hairdressers, banks, and hospitality, helped to push it higher, the ONS said.

 

But while services growth was revised upwards, increases in manufacturing were revised down on the back of more data being collected.

 

Due to the upward revision, the UK was the fastest growing economy in the G7 group of countries with advanced economies in the first three months of this year.

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