UK says economy grows by 0.6% in first quarter of 2024 and 0.2% at annual rate – Economic News

The UK economy returns to positive territory in the first quarter of the year. Image file

The United Kingdom said the country’s gross domestic product rose 0.6% in the first quarter of the year, ending a two-quarter streak of declines, according to preliminary data from Britain’s Office for National Statistics.

In the annual comparison, the UK economy recorded an increase of 0.2% compared to the first quarter of 2023, which means it was ahead in 11 of the past 12 periods.

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

The economy’s performance met the expectations of analysts surveyed by the financial portal, who expected quarterly growth of 0.4% in the January-March period and exceeded expectations of no change at the annual rate.

Publication date: 05/10/2024

Tags: UK Economy GDP 1Q24

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