UK says economy grew 0.6% in 1Q24 and 0.2% annual rate — Economic news

The UK economy returned to positive territory in the first quarter of this year. photo file

Britain said its gross domestic product (GDP) rose 0.6% in the first quarter of this year, snapping two consecutive quarters of decline, according to preliminary data from Britain’s Office for National Statistics.

In an annual comparison, the British economy experienced an increase of 0.2% compared to the first quarter of 2023, which means it has progressed 11 of the last 12 periods.

“Growth last quarter was driven by an increase in services production of 0.7%,” the Office for National Statistics said in a statement. “During the first quarter, preliminary estimates show that 13 of 20 subsectors grew, compared to six subsectors that increased in the previous quarter.”

The economy’s performance met the expectations of analysts polled by financial portal Investing.com, who forecast quarterly growth of 0.4% in the January to March period and beat estimates of no variation at the annual rate.

Publication date: 10/05/2024

Tag: UK economy GDP 1Q24

Roderick Gilbert

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